The Audit Committee has been a standing committee of the Board of Directors since 2004. The mission of the Committee is rendering assistance in exercising control of the authenticity of PJSC TATNEFT’s financial statements, providing for independent audit, functioning of the internal audit system of the Company, as well as compliance with the regulatory and legal requirements.
INTERACTION PATTERN OF THE AUDIT COMMITTEE
The Committee carries out its activities in close cooperation with the Committees of the Board of Directors: Information Disclosure Committee, Corporate Management Committee, HR and Remuneration Committee and the Company's Executive Bodies: Management Board, Executive Directorate, Internal Audit Department, Corporate Control Department and others.
Composition of the Audit Committee in 2015:
Yuri L. Levin Managing Partner of BVM Capital Partners Ltd, Member the Board of Directors, Independent Director
Members of the Committee:
René Frederic STEINER Member of the PJSC TATNEFT’s Board of Directors, Independent Director, Private Equity Programs Director of FIDES Business Partner AG, member of the Committee since June 2013. Chairman of the HR and Remuneration Committee
Laszlo Gerech Member of the Board of Directors of PJSC TATNEFT, Managing Director of “MOL Oman” – Representative Office of MOL Group in Masqat , Independent Director
Radik R. Gayzatullin, Member of the Board of Directors of PJSC TATNEFT, Minister of Finance of the Republic of Tatarstan
Main Activity Areas of the Audit Committee in 2015:
1. Activities coordination of external auditors and the Internal Audit Department, as well as regular review of their reports.
2. Review and analysis of quarterly financial statements.
3. Review and application of independent auditors' reports on the condition of the PJSC TATNEFT’s internal control systems.
4. Discussing the scope, areas of special emphasis and timing of audits with the independent auditors and the Internal Audit Department.
5. Verification of the external auditors’ independence.
6. Provision of recommendations to the Board of Directors regarding selection of independent auditors of PJSC TATNEFT (according to both IFRS and RAS).
7. Issue of financial statements by the external auditors in accordance with IFRS.