The Management Committee is the Company’s collegial executive body that deals with day-to-day management of its activities and is headed by Chairman of the Management Committee. Every year members of the Management Committee are appointed by the Board of Directors as proposed by the President and CEO. Meetings of the Management Committee are convened as required. As a rule, they take place every week. The meeting agenda is determined by the President and CEO, including on the basis of the agenda items proposed by the Management Committee members. The competence of the Management Committee is set forth in the Company’s Charter.
Remuneration of members of the Management Committee, in accordance with the general system of remuneration the company uses for its top managers, consists of a fixed component and a variable part.
Shares in LUKOIL owned by members of the BoD and the Management Committee are shown in accordance with Russian statutory requirements on disclosure of such information and are calculated on the basis of the number of shares owned by these persons (including those registered in the name of nominal holders). Stakes in authorized capital stock may be counted differently in other countries. Specifically, percentages of authorized share capital presented below are not shown in exactly the same fashion as they were disclosed in compliance with the rules of the UK FCA.