Board of Directors Committees

The Committees are responsible for the preliminary review of the most important matters falling within the remit of the Board of Directors, as well as for preparing recommendations for making decisions.

The Audit Committee

Independent Director Galina Aglyamova chairs the Committee. The Committee also includes Irina Lupicheva (Non-Executive Director) and Pavel Mitrofanov (Non-Executive Director).

The primary functions of the Audit Committee are:

  • assessment of the effectiveness of internal audit procedures and preparation of proposals for their improvement;
  • direct management of the Internal Audit Service;
  • assessment of the Company’s financial statements;
  • preparation of recommendations to the Board of Directors on the prevention, detection and limitation of financial and operational risks for the Company’s business;
  • evaluation of candidates for external auditors, as well as preparation of recommendations on the remuneration for the external auditor;
  • assessment of external auditor’s reports;
  • analysis and discussion with the auditor of significant issues arising during the conduct of the independent external audit.

The Finance, Budgeting and Strategy Committee

Non-Executive Director Pavel Mitrofanov chairs the Committee. Nazim Efendiev (Executive Director), Valery Kazikayev (Independent Director), Dmitry Tarasov (Executive Director) and Galina Aglyamova (Independent Director) are the Committee’s members.

The primary functions of the Finance, Budgeting and Strategy Committee are:

  • preparation of proposals on priority areas of the Company’s activities;
  • preparation of proposals on investment projects;
  • preparation of proposals on the conclusion of agreements for the sale and purchase of shares of other companies (including derivative securities);
  • preparation of proposals on the conclusion of sale and purchase agreements and supply agreements for steel and iron ore products and other goods, if the amount of the transaction or several related transactions exceeds RUB 1.5 billion, except for intragroup transactions;
  • preparation of proposals on the conclusion of credit and loan agreements, security agreements in relation to credit and loan agreements, bank deposit agreements, agreements on the issue of promissory notes and other instruments to raise funds if the amount of the transaction or several related transactions exceeds RUB 1 billion, except for intragroup transactions;
  • preparation of proposals on the Company’s dividend policy.

The Remuneration Committee

The Committee was formed in April 2014 to further:

  • the creation of conditions to attract and retain qualified personnel;
  • the improvement of the efficiency of the remuneration system, which links the remuneration payable to employees with their contribution to the Company’s activities.

Gleb Kostikov, Non-Executive Director is the Committee Chairperson. The Committee is also composed of  Ivan Streshinsky (Chairman of the Board of Directors) and Dmitry Tarasov (Independent Director ).

The primary functions of the Committee are:

  • preparation proposals on the Company’s policy on the remuneration of the members of the Board of Directors, the CEO, and the Management Board members, for approval by the Board of Directors;
  • preparation of proposals on training and motivation of the personnel;
  • development of human resources and social policies;
  • development of the Company’s resource planning principles.

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