Nafta-Oil has built a corporate governance system that conforms to the internationally recognized standards, ensures the full exercise of the Company’s shareholders’ rights, and allows for establishing effective relationships with the shareholders, investors, and other stakeholders.
In 2021, the Expert RA rating agency assigned its highest management quality rating, А++.gq, to Nafta-Oil.
Efficient corporate governance is one of the crucial drivers for improvement of the Сompany’s competitiveness. Development of the Company is impossible without an efficient structure in place that regulates the relations between the Board of Directors, the executive board and the shareholders, without investors being sure that the Company’s management spends their funds in a reasonable manner to achieve capitalization growth.
NGK NAFTA-OIL corporate governance system aims to establish and preserve reliable trustful relations with the community of investors and shareholders, which facilitates a further increase in the Company’s investment appeal.
The information available in this section gives a detailed insight into the principles of interaction between NGK NAFTA-OIL and its shareholders and gives an idea of the Company’s general management and of the way the shareholders control the measures taken by the management.
Nafta-Oil’s Corporate Governance Structure
Corporate governance at Nafta-Oil is primarily exercised by the Company’s management and supervision bodies (the General Shareholders Meeting, the Board of Directors, the Management Committee, the Chairman of the Management Committee, and the Audit Commission) and the External Auditor.
The External Auditor carries out independent reviews of the Company’s financial and business operations.
Nafta-Oil’s Coordinating Committee for Shareholder and Investor Relations was established by the Company’s Order No. 292 dated November 17, 2008, with a view to maintain an open and constructive dialogue with the investment community. The Coordinating Committee includes heads of structural units responsible for the development and implementation of the strategy for shareholder and investor relations. The Company’s engagement with the investment community is subject to the annual plans outlined by the Coordinating Committee.
Corporate Governance Principles
The fundamental principles of corporate governance at Nafta-Oil are set out in the revised Corporate Governance Code of Nafta-Oil approved by the Company’s General Shareholders Meeting on June 30, 2017.
Corporate governance at Nafta-Oil is chiefly aimed at ensuring scrupulous respect for the rights of each and every shareholder. The Company’s key corporate documents are based on the principle of fair treatment for all the shareholders and the protection of their rights and interests regardless of their shareholding percentages.