The Gazprom Neft Group started providing its directors and officers (D&O) with liability insurance in 2011. The insurance protects the Company’s directors and officers against possible claims from third parties that may arise as a result of unintentional and (or) erroneous actions of officials. The D&O policy covers the legal defence costs of directors and financial expenses from any claims made against directors in connection with the performance of their duties.
The total limit for all insurance coverage and extensions is EUR 47.6 million. There is an additional liability limit of EUR 1.9 million for independent directors. The coverage area is worldwide.
The Company chooses an insurer based on its existing competitive selection procedures. The insurer in 2016 was Sogaz JSC based on the corporate insurance policy.