Independent auditors commend performance of Gazprom Board of Directors and its committees
The Gazprom Board of Directors took note of the performance assessment of the Members of the Board of Directors and its committees.
The Company consistently works to improve the quality of its corporate governance methods in line with the best global practices.
In 2017, Gazprom passed a comprehensive independent audit in the field of corporate governance (the previous audit was carried out in 2013). As part of the audit, external experts from KPMG and Horizon Corporate Finance reviewed the performance of the Board of Directors, the Audit Committee, and the Nomination and Remuneration Committee.
The analysis yielded strong results for the Board of Directors and its committees. In particular, the experts noted that the size and composition of the Board of Directors fully corresponded to the scale and profile of Gazprom's activities. To ensure that all issues and tasks facing the Board of Directors are duly considered, a sufficient number of meetings are held each year, with all required materials provided in a timely manner. The most important issues are dealt with during in-person meetings. The Members of the Board of Directors are actively engaged in its work, keeping in constant touch with Gazprom's executive bodies and officials.
The auditors paid attention to the excellent organization of work at the committees. The size and composition of the committees is also consistent with all requirements for the effective discharge of their respective functions.
In addition to the performance of the Gazprom Board of Directors and its committees, the experts reviewed the positive developments that had taken place at the Company since 2014, namely the changes with respect to ensuring the rights of shareholders, the activities of management and supervision bodies, and efforts in the field of corporate social responsibility and information disclosure.
Based on the results of the audit, the independent experts identified possible areas for further improvement of corporate governance at Gazprom. The proposals will be given consideration and taken into account by the Company.
The Company's Management Committee was tasked to continue the improvement of corporate governance methods at Gazprom.