CORPORATE GOVERNANCE
3.3.1

Board of internal auditors

Financial and economic performance of the Company is overseen by the Board of Internal Auditors, as stated by clause 24.1 of the Charter. The competence of the Board, as envisaged by clause 24.3 of the Charter, includes:

  • Validation of data presented in the Company’s annual report, annual financial statements, P&L statements;
  • Analysis of Company’s financial position, detection of reserves to improve Company’s financial position and preparation of recommendations to Company’s management bodies;
  • Arrangement and conduct of the audit, namely:
  • Audit of financial, accounting, payment and other documents with regard to Company’s financial and economic operations to evaluate compliance with laws of Russia, Company’s charter, bylaws and other documents;
  • Oversight whether property, plant and equipment are protected and used in a proper manner;
  • Oversight whether bad debt writing-offs comply with the established procedure;
  • Oversight whether Company’s monetary resources are spent in a manner compliant with the approved business plan and budget of the Company;
  • Oversight how Company’s reserve fund and other funds are generated and used;
  • Oversight whether dividends, bond interest, yield on other securities are calculated and paid in a proper manner;
  • Oversight whether orders, issued earlier to eliminate exposed violations and problems, are executed;
  • Other audit-related activities.

The Board of Internal Auditors consists of 5 members, elected by the Annual General Meeting. During the reported period the Board of Internal Auditors conducted 10 compresence meetings.

The composition of the Board is presented in the figure below11:

Composition 1 (06.06.2016– 05.06.2017)
Name Position12
Marina Alekseevna Lelekova PAO Rosseti’s Director of Oversight Department
Svetlana Anatolyevna Kim PAO Rosseti’s Head of Oversight Directorate of Oversight Department
Artem Nikolayevich Kirillov PAO Rosseti’s Deputy Head of Oversight Directorate of Oversight Department
Elena Aleksandrovna Kabizskina PAO Rosseti’s Deputy Head of Oversight Directorate of Oversight Department
Composition 2 (06.06.2016 – present day)
Name Position2
Marina Alekseevna Lelekova PAO Rosseti’s Director of Oversight Department
Svetlana Anatolyevna Kim PAO Rosseti’s Head of Oversight Directorate of Oversight Department
Artem Nikolayevich Kirillov PAO Rosseti’s Deputy Head of Oversight Directorate of Oversight Department
Elena Aleksandrovna Kabizskina PAO Rosseti’s Deputy Head of Oversight Directorate of Oversight Department

Remunerations and payment procedure are stipulated by the Regulations on Remunerations and Compensations Due to the Board of Internal Auditors, adopted by the General Meeting of Stockholders. The Board of Internal Auditors earned RUB 1,019.3 thousand (incl. applicable taxes) remunerations and compensations during 2017.

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1About company
1.1Mission and strategic goals
1.2Market share
1.3Management systems
1.4Key 2017 events
2Board of directors’ progress report
2.1Letter to stockholders
2.2Production capital formation
2.2.1Network exploitation
2.2.2Electricity transmission
2.2.3Technological connection
2.2.4Development of telecommunications and IT systems
2.2.5Investments
2.2.6Innovations
2.2.7Efficacy enhancement
2.3Financial capital formation
2.3.1Description of tariff policy
2.3.2Analysis of revenues and expenses
2.3.3Analysis of receivables and payables
2.3.4Credit ratings and bonds
3Corporate governance
3.1Corporate governance practices
3.2Corporate governance system
3.2.1General meeting of stockholders
3.2.2Board of Directors
3.2.3Board of directors’ committees
3.2.4General director and executive board
3.2.5Remuneration and compensation policy
3.3Oversight system
3.3.1Board of internal auditors
3.3.2Independent auditor
3.3.3Internal control
3.3.4Security and anti-corruption
3.3.5Risk management
3.4Investor and stockholder relations
3.4.1Shareholder capital structure
3.4.2 Shareholder rights
3.4.3The company and stock market
3.4.4Communications with market participants
3.4.5FAQ
3.4.6Allocation of profit
3.4.7Contact information
4Stakeholder
4.1Human resources management
4.2Customer support
4.3Supplier relationship management
4.4Public and goverment relations
4.5Company’s transactions
4.6Subsidiaries and financial investments
4.7Environment protection
5Appendices
5.1Prepared under Russian accounting standards
5.2Prepared under international financial reporting standards
5.3Corporate governance code compliance report
5.4References
5.5Abbreviations and acronyms
5.6Sitemap