Internal control system
The internal control system of Gazprom is an aggregate of internal control subjects, procedures (methods) used for internal control, codes of conduct and actions taken by employees to achieve the goals of the Company.
A well-structured internal control system is a means of increasing the efficiency of the Company’s performance, which ensures the observance of the applicable laws and control over the execution of resolutions passed by the management bodies.
The purpose, objectives and components of the internal control system, its functioning principles and the management bodies of Gazprom and persons responsible for exercising internal control are defined by the Regulation on the Gazprom Internal Control System approved by the Decision of the Gazprom Board of Directors No. 2315 dated February 25, 2014.
The purpose of the internal control system is to secure a reasonable confidence in achieving the following objectives of Gazprom:
- attaining efficient performance;
- ensuring that all types of accounting and reporting of Gazprom are complete, timely and reliable;
- observing the applicable laws;
- ensuring soundness of assets (including information assets).
The subjects of internal control are the Board of Directors, the Board of Directors Audit Committee, Internal Audit Commission, executive bodies (Management Committee, Chairman of the Management Committee), heads of structural units and other employees of the Company.
Interaction, continuity of functioning, promptness, responsibility, compliance, development, separation of duties, relevance, capability, cost effectiveness are the main functioning principles of the internal control system of Gazprom.