Audit Committee

The audit committee is ultimately responsible for compliance with all relevant accounting regulations, and is mandated to form reliable financial statements for submission to relevant parties, including taxation authorities. The aforementioned group is elected by the board of directors at our Annual General Meeting each year, which in turn is responsible for scrutinizing the wider operations of Rusneftegaz and our subsidiaries. This particular committee has been bestowed suitable powers to supervise and research any information pertaining to the financial activities of our organization, including advising the board of directors in regard to the completeness and correctness of accounting data. It also takes further roles in verifying the timeliness of payments to suppliers, in addition to providing opinions in relation to the valuation of assets. The current personnel that form our audit committee for this year are listed below, although it should be noted that there are currently no external members of this respective grouping.