Corporate governance

Management Board’s Activities in 2020

In 2020, the Management Board held 86 meetings, reviewed 189 matters and adopted a number of decisions, including the following:

  • the Vostok Oil project, with the Management Board recommending that the Board of Directors approve the acquisition of a 100% stake in Taimyrneftegaz;
  • approved the transactions that would terminate the Company's participation in projects in Venezuela;
  • approved four field development and refinery construction projects for the Group Subsidiaries;
  • approved Rosneft’s organisational structure (as amended);
  • approved entering into:
    • 195 transactions for oil and oil products deliveries to foreign and domestic markets, supply of gas and gas condensate, loans, as well as transactions with shares and stakes in the Group Subsidiaries, etc.;
    • two charity transactions;
    • four transactions for providing operator services (performing works) related to the production of crude oil, natural and associated petroleum gas, transshipment, storage, well drilling, etc.;
  • approved amendments to 36 transactions for the supply of oil and oil products, associated petroleum gas and gas condensate, well drilling, construction and installation operations, loan agreements, etc.;
  • approved winding up / reorganisation of nine Group Subsidiaries as part of the Company’s corporate structure optimisation;
  • approved Rosneft's participation / termination of participation (direct and indirect) in 31 profit and one non-profit organisations;
  • approved KPIs for the heads of Rosneft’s standalone business units and the sole executive bodies of key Group Subsidiaries for 2020, reviewed their performance in 2019;
  • approved the lists of nominees to the boards of directors of the key Group Subsidiaries, as well as for the positions in the executive bodies of the key Group Subsidiaries;
  • approved the amended templates of charters and regulations on governing bodies for the Group Subsidiaries as well as the updated charter of a key Group Subsidiary;
  • approved internal regulations / modifications of internal regulations on the procedures of the Company’s collective/consultative bodies: Information Technology Expert Council, Risk Management Committee, Carbon Management Committee, Expert Council on Pricing in Capital Construction, Commission for Emergency Prevention, Response and Fire Safety, Conflict Resolution Commission, and others, as well as documents on:
    • management of receivables and payables,
    • remuneration and social security of employees,
    • supply of goods, works and services,
    • government relations,
    • energy management, etc.