Corporate Governance

NOVATEK is committed to the highest standards of corporate governance. We believe that such standards are essential to business integrity and performance and provide a framework for transparent and responsible management which in turn enables us to create value for our shareholders. In order to ensure that the highest standards of corporate governance are observed we have adopted an internal NOVATEK Corporate Governance Code which provides a framework which governs the execution of our business activities.

- Corporate Governance Code

(download PDF-file 33 Kb )

On 25 March 2005, the Board of Directors of OAO NOVATEK approved the implementation and establishment of three Board committees, Audit, Strategy and Investment and Corporate Governance and Remuneration, in accordance with Corporate Governance best practices and standards

Strategy and Investments Committee

Our strategy and investments Committee consists of Mark Gyetvay (the chairman),  Alexander Natalenko, Burkhard Bergmann, Kirill Seleznev and Gennady Timchenko. The purpose of this committee is to

• analyze our concepts, programs and strategic development plans;
• identify high priority strategic and investment areas evaluate the efficiency of potential investment projects and their impact on increasing our value;
• make recommendations to the Board of Directors with respect to our capitalization and borrowing of funds.

- Strategy and Investment Committee Charter

(download PDF-file 86 Kb )

Sub-committee within the Strategy and Investments Committee on development of LNG projects

The Sub-committee on development of LNG projects consists of Burkhard Bergmann (the chairman), Mark Gyetvay and Gennady Timchenko.

Audit Committee

Our audit committee consists of Vladimir Dmitriev (the chairman), Ruben Vardanian and Andrei Akimov. The purpose of this committee is to

• make recommendations to the Board of Directors with respect to the selection of an independent auditor, as well as the annual audit of the financial statements,
• oversight of our financial and economic activities;
• develop internal control procedures;
• evaluate internal control efficiency and prepare proposals for its improvement.

- Audit Committee Charter

(download PDF-file 88 Kb )

Corporate Governance and Remuneration Committee

Our corporate governance and remuneration committee consists of Ruben Vardanian (the chairman), Alexander Natalenko and Burckhard Bergmann. The purpose of this committee is to

• develop and regularly review our corporate governance documents;
• develop and regularly review our documents regulating corporate conflicts;
• develop recommendations with respect to our dividend policy;
• develop procedures for and perform an annual evaluation of the work performed by our Board of Directors;
• determine the annual compensation for our Board of Directors’ members.

- Corporate Governance and Remuneration Committee Charter

(download PDF-file 48 Kb )

06.09.2010
NOVATEK delivers stable gas condensate to CNOOC via Northern Sea Route
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03.09.2010
NOVATEK disposes of equity interest in NOVATEK-Polymer
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02.09.2010
NOVATEK Board of Directors announces Extraordinary General Meeting of Shareholders
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17.08.2010
NOVATEK ships stable gas condensate via the Northern Sea Route
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