Corporate Governance

Executive Bodies

Rosneft’s executive bodies are:
  • Chief Executive Officer
  • Management Board

As per the Charter, the person performing the functions of the sole executive body and Chairman of the Management Board is the Chief Executive Officer.

Since 2012, the position of the Chief Executive Officer has been held by Igor Sechin. He manages the Company’s day-to-day operations, formulates the Management Board’s agenda, and chairs the Board’s meetings.

The Management Board comprises the heads of key business lines, operation service and support function segments of the Company. The size of the Board totals 11 members. The procedure for Management Board formation, the rights, duties and liability of Management Board members, and proceedings of the Management Board are governed by the Regulations on the Collective Executive Body (Management Board) of Rosneft.

Changes in the Management Board composition in 2019

Zeljko Runje, Management Board member and First Vice President for Oil, Gas, and Offshore Business Development, was appointed Deputy Chairman of the Management Board.

The two newly appointed members of the Management Board are Ural Latypov, Vice President – Head of Security Service, and Andrey Polyakov, Vice President – Chief Geologist.

Board composition

as at 31 December 2019

Sechin

Igor Sechin

Chairman of the Management Board, Chief Executive Officer

Born in 1960.

In 1984, graduated from Leningrad State University. PhD in Economics.

Holder of government and ministerial awards.

2000–2004: Deputy Head of the Russian Presidential Head Office.

2004–2008: Deputy Head of the Russian Presidential Head Office, Aide to the President.

2004–2011: Chairman of Rosneft’s Board of Directors.

2008–2012: Deputy Prime Minister of the Russian Federation.

From 2012: Chief Executive Officer, Chairman of the Management Board, member of the Board of Directors of Rosneft.

From 2013: Deputy Chairman of Rosneft’s Board of Directors.

Holds positions in various non-profits and takes part in social, scientific, sport and education development (for the full list of positions in non-profit organisations, see the Board of Directors section).

Holds 13,489,350 shares of Rosneft (0.1273% of the Company’s charter capital).

Runie

Zeljko Runje

Deputy Chairman of the Management Board, First Vice President for Oil, Gas, and Offshore Business Development

Born in 1954.

Graduated with honours from the University of Alaska in 1979.

Holder of government awards.

1979–1993: held various management positions in Arctic Alaska drilling and production projects.

1993–1997: worked on oil projects in Yemen, Algeria, Australia, Thailand, Japan, Angola, Azerbaijan and Turkmenistan.

1997–2012: held various executive positions in the Sakhalin-1 project in his capacity as Vice President of ExxonMobil Russia Inc.

2012–2019: Vice President of Rosneft for Offshore Projects.

From December 2019: First Vice President for Oil, Gas, and Offshore Business Development of Rosneft.

Member of Rosneft’s Management Board since 2012.

Chairman of the Supervisory Board at PJSC Rosneft-Sakhalin, Chairman of the board of directors at LLC RN-Foreign Projects and JSC RN-Shelf-Far East, member of the Board of Directors at PJSOC Bashneft, CJSC Rosshelf, JSC FESRC, LLC RN-GAZ, and LLC RN-Commerce.

Holds 377,318 shares of Rosneft (0.0036% of the Company’s charter capital).

Liron

Eric Maurice LIRON

Vice President for In-House Services of Rosneft

Born in 1954.

Graduated from the School of Radio Engineering, Electronics and Computer Science (Paris, France) in 1980.

1980–2000: held various executive positions at Schlumberger managing complex projects in the Middle East, Africa, and the Asia-Pacific Region.

2000–2005: Manager of Complex Projects in Russia, managing the oilfield services project for Sibneft at Schlumberger Oilfield Services (Russia).

2006–2013: held various executive positions at TNK-BP Management, was Vice President of the Wells Division.

2013–2019: First Vice President of Rosneft overseeing the production business.

From December 2019: Vice President for In-House Services at Rosneft.

Member of Rosneft’s Management Board since 2013.

Chairman of the Boards of Directors at JSC Verkhnechonskneftegaz, LLC RN-Upstream, OJSC NGK Slavneft, LLC RN-GAZ, LLC RN-Resource, and LLC RN-Foreign Projects.

Holds 543,804 shares of Rosneft (0.0051% of the Company’s charter capital).

Bukaev

Gennady BUKAEV

Vice President, Head of Internal Audit

Born in 1947.

Graduated from Ufa State Oil Technical University in 1971. PhD in Economics.

Holder of government and ministerial awards.

2000–2004: Minister of the Russian Federation for Taxes and Levies.

2004–2012: Assistant to the Prime Minister of the Russian Federation.

2012–2013: Advisor to the President of the Republic of Bashkortostan.

From 2013: Advisor to the President of Rosneft.

From March 2015: Head of Internal Audit at Rosneft.

From June 2016: Vice President – Head of Internal Audit at Rosneft.

Member of Rosneft’s Management Board since 2016.

General Director, member of the Board of Directors at JSC ROSNEFTEGAZ, member of the Board of Directors at PJSOC Bashneft, Chairman of the Supervisory Board of Gubkin National University of Oil and Gas, Chairman of the Audit Commission of PJSC Inter RAO and Internet Initiatives Development Fund, member of the Audit Commission of Agency for Strategic Initiatives to Promote New Projects, member of the Club Council at Autonomous Non-Profit Organisation Hockey Club Salavat Yulaev.

Holds no shares of Rosneft.

Gennady Bukaev is not authorised to participate in voting on matters within the Management Board’s competence related to the Company’s operations, which may potentially be objects of audit / managerial decisions with regard to audited entities (subject to Board of Directors review).

Kasimiro

Didier CASIMIRO

Vice President for Refining, Petrochemical, Commerce and Logistics

Born in 1966.

Graduated with distinction from Ghent University (Belgium) in 1991, and from Ghent University (Belgium) / Lisbon University (Portugal) in 1992.

1996–2005: held executive positions at BP.

2005–2012: held executive positions at TNK-BP.

From May 2012: Vice President of Rosneft.

From March 2013: Vice President for Commerce and Logistics at Rosneft.

From January 2015: Vice President for Refining, Petrochemical, Commerce and Logistics at Rosneft.

Member of Rosneft’s Management Board since 2012.

Chairman of the Board of Directors at PJSC Saratov Refinery, Rosneft – MP Nefteprodukt, CJSC Rosneft-Armenia, LLC RN-Yerevan, LLC RN-Commerce, LLC RN-Refining, Chairman of the Supervisory Board at PRJSC LINIK, member of the Board of Directors at OJSC NGK Slavneft, PJSC Slavneft-YANOS, Rosneft Global Trade S.A., JSC SPIMEX, PJSOC Bashneft, LLC RN-Foreign Projects.

Holds 457,598 shares of Rosneft (0.0043% of the Company’s charter capital).

Kurilin

Yuri Kurilin

Vice President, Chief of Staff of Rosneft

Born in 1972.

Graduated from Lomonosov Moscow State University in 1994 and from California State University (Hayward) with an MBA degree in 1998.

2003–2008: Head of Head Office of the Office of the President and Chief Executive Officer, Head of the Office of the President at TNK-BP Management.

2008–2011: Commercial Director at BP Group companies.

2011–2014: worked in procurement performance planning and management at BP America (Houston, USA).

2014–2017: Director for Corporate Affairs and Interaction with Business Partners at BP Exploration Operating Company Ltd. (UK), Moscow Branch.

March 2017–present: Vice President, Chief of Staff of Rosneft.

Member of Rosneft’s Management Board since 2017.

Member of the Supervisory Board at RRDB Bank (JSC), member of the Boards of Directors at LLC RN-GAZ, LLC RN-Upstream.

Holds no shares of Rosneft.

Zavaleeva

Elena Zavaleeva

State Secretary, Vice President

Born in 1981.

Graduated from the Moscow State Social University of the Ministry of Labour and Social Development in 2003, majoring in Legal.

Holder of government awards.

Works at Rosneft since 2008.

2013–2017: held a number of positions, including Deputy Director – Head of Federal Authorities Relations of the Government and Management Relations Department; First Deputy Director of the Government and Management Relations Department, Acting Director of the Department, Director of the Government and Management Relations Department.

From September 2017: State Secretary, Vice President of Rosneft.

Member of Rosneft’s Management Board since 2018.

Chairwoman of the Board of Directors at LLC Reestr-RN, member of the Boards of Directors at PJSOC Bashneft, LLC RN-Refining, LLC RN-Upstream.

Holds 6,250 shares of Rosneft (0.00006% of the Company’s charter capital).

Lazarev

Peter Lazarev

Financial Director

Born in 1967.

Graduated from the Plekhanov Moscow Institute of National Economy in 1990.

1990–1993: held various positions at the Soviet Ministry of Finance and the Russian Ministry of Economy and Finance.

1993–1995: held various positions in the Office of Securities of the International Joint-Stock Bank of Savings Banks.

1995–1996: member of the Management Board, Head of the Office of Securities of the International Joint-Stock Bank of Savings Banks.

1996–1999: held senior positions in ACB Center, CJSC Finance Company Finko Investment and Russian Industrial Bank.

2000–2004: Head of the Promissory Note and Investment Programmes in the Finance Department of Rosneft, Deputy Departmental Director, Head of Securities in the Finance Department.

2004–2012: Head of Treasury at Rosneft.

February 2013 – present: Financial Director of Rosneft.

Member of Rosneft’s Management Board since 2011.

Chairman of the Board of Directors at LLC RN-Resource, Deputy Chairman of the Board of Directors at JSC DSRC, member of the Boards of Directors at PJSC NC Rosneft – МP Nefteproduct, JSC FESRC, JSC TEK-Torg, LLC RN-Upstream, LLC RN-Commerce, LLC RN-Assets, LLC RN-Foreign Projects, General Director at LLC RN-Foreign Projects, JSC RN Holding, Executive Financial Director at JSC RN Management.

Holds 448,066 shares of Rosneft (0.0042% of the Company’s charter capital).

Shishkin

Andrey Shishkin

Vice President for Informatisation, Innovation and Localisation

Born in 1959.

Graduated from the Gubkin Moscow Institute of the Petrochemical and Gas Industry in 1985, from Financial Academy under the Government of the Russian Federation in 1996, and from Moscow International Higher Business School MIRBIS in 2002.

Holder of government and ministerial awards.

1992–2005: held executive positions in various credit and finance organisations.

2005–2010: General Director of OJSC Ural Energy Management Company, OJSC TGK-10, OJSC Tyumen Energy Selling Company.

2008–2009: First Vice President of OJSC Integrated Energy Systems (IES Holding).

2010–2012: Deputy Minister of Energy of the Russian Federation.

From July 2012: Vice President of Rosneft.

From March 2013: Vice President of Rosneft for Energy, Health, Safety and Environment.

From August 2014: Vice President of Rosneft for Energy and Localisation.

From April 2016: Vice President of Rosneft for Energy, Localisation and Innovation.

From November 2019: Vice President of Rosneft for Informatisation, Innovation and Localisation.

Member of Rosneft’s Management Board since 2015.

Chairman of the Board of Directors at JSC FESRC, JSC 82 SRF, LLC Zvezda-Hyundai, JSC Lazurit CDB, PJSC Ufaorgsintez, LLC Zvezda-SHI, Deputy Chairman of the Board of Directors at PJSOC Bashneft, member of the Boards of Directors at RIG Research Pte. Ltd., PJSC RusHydro, JSC USC, LLC SNGT, LLC Zvezda Marine Technology, Antares Singapore Pte. Ltd., LLC RN-Assets, LLC RN-Upstream, LLC RN-Commerce, LLC RN-Refining, OJSC SPA Burovaya Technika, General Director at LLC RN-Assets, member of the Supervisory Board at NATT, member of the Board of Trustees at Gubkin National University of Oil and Gas.

Holds 377,114 shares of Rosneft (0.0036% of the Company’s charter capital).

Latipov

Ural Latypov

Vice President, Head of Security Service of Rosneft

Born in 1972.

Graduated from the Bashkir State University in 1997.

1996–2016: employee of law enforcement agencies.

2016–2019: Deputy Head of Security Service of Rosneft, Acting Vice President – Head of Security Service of Rosneft.

From June 2019: Vice President – Head of Security Service of Rosneft.

Member of Rosneft’s Management Board since 2019.

Member of the Board of Directors of PJSOC Bashneft, SLAVNEFT.

Holds no shares of Rosneft.

Polyakov

Andrey Polyakov

Vice President – Chief Geologist of Rosneft

Born in 1976.

Graduated from Lomonosov Moscow State University in 2002.

2002–2004: Geologist, Chief Geologist, Geological Group Leader at CJSC Modelling and Monitoring of Geological Objects.

2004–2005: Senior Specialist, Geology and Geophysics Section, EP Analysis and Forecast Centre, CJSC YUKOS Exploration & Production.

2005–2013: Deputy Director, Director of the Corporate Research and Development Centre, Division of Scientific and Technical Development and Innovation, Department of Exploration and Licensing, Department of Resource Base and Reserves, Audit Department, Rosneft.

2013–2017: Division Head, Deputy Director, Director of the Exploration and Licensing Department, Vice President for Subsurface and Reservoir Management, JSC Independent Oil and Gas Company.

2017–2019: Vice President for Subsurface and Reservoir Management, JSC Neftegazholding.

From December 2019: Vice President – Chief Geologist of Rosneft.

Member of Rosneft’s Management Board since 2019.

Does not hold positions in governance and control bodies of other organisations.

Holds 147 shares of Rosneft (0.000001% of the Company’s charter capital).

Chairman of the Management Board Yuri Kalinin and Board member Vlada Rusakova have retired and left office.

Yuri Kalinin

Born in 1946.

Graduated from the Saratov Institute of Law in 1979.

Holder of government and ministerial awards.

1998–2004: Deputy Minister of Justice of the Russian Federation.

2004–2009: Director of the Federal Penitentiary Service (FPS) of Russia.

2009–2010: Deputy Minister of Justice of the Russian Federation.

2010–2012: representative of the Penza Region Legislative Assembly in the Federation Council of the Federal Assembly of the Russian Federation.

2012–2019: Vice President for HR and Social Policy of Rosneft.

2013–2019: member of the Management Board of Rosneft, Deputy Chairman of the Management Board of Rosneft.

January 2020–present: Assistant to the Chief Executive Officer of Rosneft.

Holds 203,916 shares of Rosneft (0.0019% of the Company’s charter capital).

Vlada Rusakova

Born in 1953.

Graduated from and completed a post-graduate programme at the Gubkin Moscow Institute of the Petrochemical and Gas Industry in 1977 and 1984 respectively.

Holder of government and ministerial awards.

1998–2003: Head of the Prospective Development Forecasts Directorate at the Prospective Development, Science and Ecology Department of PJSC Gazprom.

2003–2012: Head of the Prospective Development, Science and Ecology Department, Head of the Strategic Development Department, Head of the Prospective Development Department of PJSC Gazprom.

2013–2019: Vice President of Rosneft in charge of the gas business.

2017–2019: member of Rosneft’s Management Board.

Holds 4,071 shares of Rosneft (0.00004% of the Company’s charter capital).


Age Diversity on the Management Board
Gender Diversity on the Management Board
The members of the Management Board know Russian, English, French, German, Spanish, Portugal, Dutch and Croatian.
Management Board Tenure
Management Board member Membership start date Period
Igor Sechin 2012 7 years
Zeljko Runje 2012 7 years
Eric Maurice Liron 2013 6 years
Gennady Bukaev 2016 3 years
Didier Casimiro 2012 7 years
Yuri Kurilin 2017 2 years
Petr Lazarev 2011 8 years
Elena Zavaleeva 2018 1 year
Andrey Shishkin 2015 4 years
Ural Latypov 2019 Less than a year
Andrey Polyakov 2019 Less than a year

Management Board’s Activities in 2019

In 2019, the Management Board held 57 meetings, reviewed 159 matters and adopted a number of decisions, including the following:

  • approved establishing a corporate entity for Vostok Oil project;
  • approved works to develop a retail distribution network of compressed natural gas to be used as motor fuel, which Rosneft views as one of its key priorities;
  • approved the acquisition of a 100% stake in Petersburg Fuel Company;
  • approved three field development and construction business projects;
  • approved internal regulations on the procedures of the Company’s collective/consultative bodies: Business Continuity Commission, Commission on Energy Efficiency, Metrology Board, Command Staff of Civil Defense, Evacuation Commission, Residential Mortgage Commission, Commission for Critical Information Infrastructure Categorisation, etc.;
  • approved Rosneft’s organisational structure (as amended);
  • approved entering into:
    • two transactions for increasing business projects’ profitability;
    • 73 transactions for oil and oil products deliveries to foreign and domestic markets, supply of gas, proppant, refining of oil, petroleum and other hydrocarbon feedstock, sale of hydrocarbons, oil sale consignment services, gas sale agent services, etc.;
    • seven charity transactions;
  • approved amendments to 22 transactions for oil and petroleum products deliveries, well drilling, construction and installation operations, etc.;
  • liquidated / reorganised four Group Subsidiaries as part of the Company’s corporate structure optimisation;
  • approved Rosneft's participation / termination of participation (direct and indirect) in 22 profit and two non-profit organisations;
    • approved the Company’s internal regulations, including new versions of internal regulations on:
      • information technologies;
      • insurance of corporate risks;
      • staff skill assessment and development;
      • planning of the best distribution of hydrocarbons, oil and gas and petrochemical products, preparing their production plans;
      • offshore asset and project management;
      • Company’s coordinating and consultative bodies activities;
      • managing the internal audit function, etc.;
    • reviewed results of the Company management activities for 2018 and approved KPIs for heads of Rosneft business units and heads of key Group Subsidiaries for 2019;
    • approved nominees to the boards of directors and executive bodies of key Group Subsidiaries.
    Number of matters considered and meetings held in 2016–2018

Management Board Work Planning

The Management Board prepares its work plans quarterly taking into account the Board of Directors’ resolutions and proposals of the Board members, top managers and heads of functional units, including the following matters:

  • implementation of business projects, investment programmes, entering into transactions / amending transaction terms, including non-core assets and real estate transactions;
  • overseeing the priority areas of the Company’s business;
  • Rosneft's participation / termination of participation in profit and non-profit organisations;
  • winding up and reorganisation of the Group Subsidiaries;
  • appointment and termination of the sole executive body and members of the collective executive bodies of the Group Subsidiaries.

In 2020, the Management Board will continue implementing the Company's Development Strategy in accordance with the Board of Directors’ resolutions.

Corporate Secretary

Since 2014, the Corporate Secretary has been Corporate Governance Director Svetlana Gritskevich Resolution of Rosneft’s Board of Directors dated 28 April 2014 (Minutes No. 34 of 5 May 2014)..

The Corporate Secretary’s function is supported by the Company’s separate business unit – Corporate Governance Department.

The Corporate Secretary is functionally accountable to the Board of Directors, appointed and dismissed by the CEO on the basis of the Board of Directors’ resolution.

Key functions:

  • improving the corporate governance system;
  • arranging and holding general shareholders’ meetings;
  • supporting the activities of the Board of Directors and its committees, acting as the Management Board Secretary;
  • preventing corporate conflicts;
  • facilitating the exercise of shareholders' rights;
  • implementing the disclosure policy;
  • Managing the compliance with regulatory and internal requirements for countering the illegal use of insider information;
  • managing the compliance with regulatory and internal requirements for countering the illegal use of insider information;
  • communicating with the registrar, the government bodies and the corporate relations and securities market regulatory authorities;

The Corporate Secretary’s activities are governed by the Regulation On the Corporate Secretary.

The Corporate Governance analytical information system was put into operation in 2019.

The Company automated the control rules for prevention, detection and suppression of illegal use of Rosneft’s insider information.

Shareholders gained access to personal accounts – a handy tool to obtain relevant personal accounts data and to exercise rights under Rosneft securities online.

The use of advanced information technology in automating the corporate governance processes allows enhancing the Corporate Secretary’s work efficiency for protection and exercise of shareholders’ rights.

Grickevich

Svetlana Gritskevich

Born in 1974.

Graduated from the Institute of Modern Knowledge, Belarus State University (Minsk, Belarus) in 1996 and the Russian Presidential Academy of Public Head Office in 2011.

Has an MBA degree (Moscow International Business School, 2011), extensive corporate governance experience (since 1998) and expertise in fuel and energy companies’ business (since 1996), as well as managerial experience (since 2003) and experience of working as a Board member in a number of joint stock companies.

Rosneft's Corporate Governance Department Director since 2013.

Member of the Moscow Exchange Share Issuers Committee.

Holds 393 shares of Rosneft (0.000004% of the Company’s charter capital).

Winner of the Corporate Governance Director / Corporate Secretary 2019 category of the Director of the Year national award held by the Independent Directors Association and the Russian Union of Industrialists and Entrepreneurs jointly with PwC.