CORPORATION GOVERNANCE AND MANAGEMENT
Using international best practices, the company has raised corporate governance to a new level, and continually seeking to improve it. Vostokinvestneft adheres to the best standards of corporate governance. In addition to compliance with company law,some measures are been taken on a number of additional obligations, adhering to the highest international requirements.
When forming the corporate governance system to the demands of the Combined Code on Corporate Governance as well as the recommendations of the Code of Corporate Conduct FFMS (2012). Many of the basic requirements of these codes have been applied in the practice of corporate governance: the requirements for membership of the Board of Directors, the division of Chairman and CEO, about the primary role of the Board of Directors in the development strategy of the company, the establishment of the internal audit and risk management, the release of the quarterly financial statements under IFRS, the publication of the annual report on international standards.
Vostokinvestneft has developed mechanisms for approval of major transactions and related party transactions by the Board members. System interaction between the Board of Directors and management can effectively manage the company.
Vostokinvestneft is a member of the Russian Institute of Directors, a leading expert and resource center in the field of corporate governance, created the largest Russian issuing companies to develop, implement and monitor standards of corporate governance in Russia.
Vostokinvestneft adheres to the best standards of corporate governance. In addition to compliance with company law, ,some measures are been taken on a number of additional obligations, adhering to the highest international requirements.
Vostokinvestneft aims to protect the rights of shareholders and holders of depositary receipts, to ensure transparency of financial results, implement internal corporate documents to comply with the full disclosure of information, as well as the rules applicable to regulate conflicts of interest, to ensure effective management, with an independent Board of Directors, Board Committees.
Social responsibility of business Kolik-egan petro being a major petroleum and petrochemical production company in Russia, deliberately pursue a policy of socially responsible business. In its activities, as a company we observe the laws and regulations in a timely manner and fulfill all tax obligations.
Within the competence of our company we actively participates in the development of legislative initiatives aimed at improving the regulatory framework of the Russian development programs for socio-economic development, including in all regions of the Russian Federation.
An example of such cooperation is the signed cooperation agreements with the Governments of most European countries and all area regions of Russia such as; Komi, Krasnoyarsk and Krasnodar Territory and the Nizhny Novgorod region, in which the main directions of cooperation between the parties and contribute to socio-economic development of the Krasnoyarsk Territory and ensure its territory.
Vostokinvestneft takes an active part in the activities of the Russian community and is a member of several professional societies and trade associations, such as the Russian Union of Industrialists etc. Our representatives participate in the development and improvement of methodological and legal documents regulating the market in Russia.
Vostokinvestneft actively develops and opens new units, creating more effective jobs with competitive remuneration and social benefits. This makes a significant contribution to the Company's social development of society.