Result of BoD Meeting
LUKOIL BOARD OF DIRECTORS GRANTS TENTATIVE APPROVAL TO COMPANY 2015 ANNUAL REPORT
The PJSC "LUKOIL" Board of Directors granted tentative approval to the 2015 Annual Report of PJSC "LUKOIL", in Moscow today, in accordance with the Federal Law of the Russian Federation on Joint-stock Companies and the company's Charter. The document is recommended for approval at the General Shareholders Meeting of PJSC "LUKOIL" which will take place on 23 June 2016 in Perm.
The Board of Directors also approved the 2015 Corporate Governance Report of PJSC “LUKOIL” prepared in accordance with the UK FCA’s Disclosure and Transparency Rules. The Corporate Governance Report will be placed on the company’s website and submitted to the UK National Storage Mechanism.
The Board heard a report on the progress of the program on production development of hard-to-recover oil reserves and a report on implementation of measures on efficiency enhancement of mature fields development through application of innovative technologies.
The Board of Directors also heard a report on the performance of internal control, internal audit and risk management systems in the LUKOIL Group organizations in 2015.
The meeting approved the Board’s report on its own performance in 2015-2016. Given the report and the results of the opinion poll of Board members, a positive evaluation was given to the Board of Directors performance in the reporting period.