The supreme body of Gazprom Public Joint Stock Company is the General Shareholders Meeting held on an annual basis. The General Shareholders Meeting also convenes for extraordinary meetings.
The holders of ordinary shares have the right to vote at the General Shareholders Meeting. Any shareholder is entitled to take part in the Meeting personally or by proxy. The Meeting is considered legally convened if over half of the voting shares are represented.
The General Shareholders Meeting is competent to introduce changes in the Company’s Charter, approve the annual report and the auditor, distribute profits, elect the Board of Directors and the Audit Commission, and take decisions upon restructuring or dissolution of the Company as well as on increasing or decreasing its equity capital.
Board of Directors
The Board of Directors carries out the general management of the Company except for the issues falling under the General Shareholders Meeting competence.
The Board of Directors Members are elected by the General Shareholders Meeting for a period until the next annual General Shareholders Meeting.
Among other issues, the Board of Directors defines prioritized areas of the Company’s activities, approves the annual budget and investment programs, adopts decisions on convocation of General Shareholders Meetings and on formation of Gazprom’s executive bodies as well as recommends on dividend amount per share.
The Management Committee Chairman (sole executive body) and the Management Committee (collective executive body) manage the current activities of Gazprom. They ensure observance of the decisions taken by the General Shareholders Meeting and the Board of Directors, and are accountable to them. Chairman and Members of the Management Committee are elected by the Board of Directors for a five-year term.
In particular, the Management Committee elaborates the annual budget, investment programs, long-term and short-term plans, prepares reports, arranges gas flow management and exerts control over Russia’s Unified Gas Supply System operation.