The current system of local (internal) regulatory documents of Rosneft is an effective tool for corporate governance that formalizes the requirements to the existing processes, controls their implementation, and sets uniform standards and requirements for all the Group companies.
The Company developed and implemented standards in investment governance and efficient management of major projects, business planning, operational efficiency and cost cutting, pricing, internal audit and control, corporate governance, quality management, innovative development, etc.
The local regulatory documents are hierarchically structured and divided into four levels depending on the level of detail of activities and processes by activities. The current local regulatory document management system ensures timely and quality elaboration of documents, its organization and systematization, informing the Company employees on requirements of the local regulatory documents, and execution of the requirements.
The Company's local regulatory documents comply with legislation of the Russian Federation, international law, technical regulations and national standards, industry standards and requirements, and the regulator’s recommendations.
The information on standard internal documents that form the basis of the Report is available in the Appendix to the Annual Report.