Results of BoD Meeting
Valery Grayfer was elected Chairman of the newly elected Board of Directors of PJSC LUKOIL at the Board of Directors meeting held after the Annual General Shareholders Meeting, Ravil Maganov was elected Deputy Chairman of the Board of Directors of PJSC LUKOIL.
The Board of Directors of PJSC LUKOIL also deemed Victor Blazheev and Igor Ivanov to be independent members of the Board of Directors despite the fact that their term of office on the Board of Directors of PJSC LUKOIL exceeded 7 years. This procedure was carried out pursuant to the Company Charter, the Corporate Governance Code and the Listing Rules of MICEX Stock Exchange.
Among other things it was noted that the total term of office of V.Blazheev and I.Ivanov on the Board of Directors does not exceed 12 years* and that V.Blazheev and I.Ivanov are not and were not members of executive bodies of the Company, employees of the entities under Company control and owners of Company shares, they did not and do not render consulting services to legal entities under Company control.
The Board of Directors formed the committees of the Board of Directors comprising as follows.
The Audit Committee:
Victor Blazheev (Chairman)
The Human Resources and Compensation Committee
Roger Munnings (Chairman)
The Strategy and Investment Committee
Igor Ivanov (Chairman)
The Board of Directors also determined main terms of the agreement concluded with the President of PJSC “LUKOIL”.
* Pursuant to the Listing Rules of MICEX Stock Exchange, a member of the Board of Directors whose term of office in aggregate exceeds 7 years but does not exceed 12 years may not be deemed associated with the company if the company board of directors takes a relevant decision.