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Management System

The Company has a system and organizational structure in place that are used to manage sustainability issues and ESG factors, and cover every level of governance, from Board of Directors to heads of the LUKOIL Group entities. In managing sustainability, we seek to abide by the guidelines of the World Business Council for Sustainable Development and the UN Sustainable Development goals. 

Strategically, the trend is set by the Board of Directors, Committee of Strategy, Investment, Sustainable Development, and Climate Adaptation within the Board of Directors, President and Management Committee of PJSC LUKOIL. The Corporate Secretary and Task Forces actively work with the Board of Directors and its subcommittees on the subject. The Board of Directors of PJSC LUKOIL plays a key role in working out the strategy and initiatives of the Company in regard to sustainable development, climate change and ESG factors.

Operationally, performance reviews and generation of proposals are the responsibility of the Health, Safety, and Environment (HSE) Committee of PJSC LUKOIL, Task Forces, heads of the business units of PJSC LUKOIL, and heads of the Group's entities.

HSE Committee of PJSC LUKOIL The Committee meets two times a year. At its first meeting, it reviews registries of material HSE risks and environmental aspects, as well as legislative changes in the countries of presence, and keeps track of such factors during the development and implementation of target programs. The second meeting is held to recap on the health, safety, and environment programs taking place in the reporting year, and schedule future activities.

The Sustainable Development Task Force was established to address issues involving various sustainability and reporting aspects.

The Decarbonization and Climate Change Adaptation Task Force was established to address practical implementation of the climate strategy.

Sustainability Management System

 

TIER OF MANAGEMENTMain functions

Board of Directors

 

  • Setting general principles and approaches

  • Identifying priority areas of activities

  • Agreeing on and approving strategic long and mid-term plans and development programs

  • Controlling the implementation of strategic objectives, plans and development programs

Strategy, Investment, Sustainability and Climate Adaptation Committee

 

  • Preparing recommendations for the Board of Directors on priority areas of activities and preparation of the long-term  development strategy of the Company, including sustainability  (HSE, environmental protection, social responsibility, corporate governance)  and climate adaptation

  • Analyzing existing development concepts, programs and plans of the Company and its peers

  • Analyzing risks related to climate change and climate adaptation

  • Preparing recommendations for the Board of Directors on the assessment of relations with stakeholders on the issues of sustainability and climate adaptation

  • Preparing recommendations for the Board of Directors on the current state of industrial and occupational safety and measures to enhance the safety of operations 

  • Reviewing reports on sustainable development, including the Sustainability Report of the LUKOL Group

Audit Committee of the Board of Directors

 

  • Controlling the reliability and efficiency of the risk management and internal control system as well as corporate governance system

  • Analyzing and assessing the compliance with the Risk Management and Internal Control Policy

  • Developing and improving the corporate governance system and practice in the Company

  • Analyzing and assessing the compliance with the Conflict of Interest Policy

Human Resources and Compensation Committee 

  • Preparing recommendations for the Board of Directors on identifying priority areas of activities of the Company related to human resources and compensation  of the members of the Board of Directors, Management Committee, President and other executives as well as on issues of human resource planning  (succession planning), occupational structure and performance of the Company Board of Directors

  • Supervising over the introduction and implementation of the compensation policy of the Company and various motivation programs, including long-term incentive programs for employees of the Company and its subsidiaries

Management Committee

  • Developing and approving quarterly, annual and long-term plans of the Company

  • Developing and approving budgets and investment programs, including the Environmental Safety Program of LUKOIL Group Entities and the Program for Industrial Safety, Improvement of Working Conditions, Occupational Safety, Emergency Prevention and Response of LUKOL Group Entities 

  • Day-to-day control over the implementation of plans

  • Preparing and implementing the overall development strategy of the Company subsidiaries

HSE Committee of PJSC LUKOIL

  • Preparing the HSE Policy, setting goals,  objectives and KPIs for entities of the LUKOIL Group

  • Analyzing results and progress of HSE activities 

  • Preparing proposals on the improvement of the HSE management system of the LUKOIL Group 

  • Reviewing measures to mitigate material HSE risks 

 

Executives in Charge of Sustainability

Executive in charge of climate change

  • Preparing recommendations on strategic goals and actions to reduce GHG emissions

  • Forming a unified corporate position on various issues and aspects of climate change and climate adaptation

  • Proposals on the level of the internal carbon price

  • Interaction with industry associations on climate change issues

Executive in charge of sustainability

               

Organizing and coordinating:

  • activities to form a unified corporate position on sustainability

  • interaction with stakeholders on the sustainable development of the Company

  • activities to form and implement a unified information policy of the Company on sustainability towards all stakeholders

  • development of local regulations on sustainability  

  • preparation of the Sustainability Report of the LUKOIL Group

Corporate Secretary of PJSC LUKOIL

 

  • Interaction with the members of the Board of Directors on sustainability issues

  • Arranging for the interaction between the members of the Board of Directors and stakeholders on sustainability issues

  • Preparing recommendations on improving the quality of sustainability management

  • Participating in the interaction with stakeholders on sustainability issues

  • Arranging for the activities of the Sustainability Work Group, participation in coordination of the sustainability report preparation

 

Sustainability Work Groups

Sustainability Work Group

Group Leader    

  • Developing a unified corporate position on different issues and aspects of sustainable development

  • Preparing recommendations for the management bodies on sustainability issues

  • Analyzing the feedback received from stakeholders on sustainability issues

  • Interacting with business units of the Company on sustainability issues

  • Continuous improvement of the system for collection, preparation and disclosure of information related to sustainability

  • Arranging for and monitoring the preparation of the Sustainability Report of the LUKOIL Group


Decarbonization and Climate Adaptation Work Group

Group Leader

Vadim Vorobyev


  • Assessing the identified climate risks and opportunities of the Company

  • Preparing the Decarbonization Program of the LUKOL Group

  • Developing the criteria to evaluate the efficiency of investment projects aimed at GHG emission reduction

  • Analyzing results of activities supporting the achievement of decarbonization goals and objectives of the Company

  • Improving the Decarbonization and Climate Adaptation Business Process 

  • Defining and establishing approaches to the disclosure of information about GHG emissions, decarbonization and climate adaptation in the LUKOIL Group

 

 Information as of May 2021.

 

 

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