Management of the TATNEFT Group Print version
OAO TATNEFT is a parent company of the TATNEFT Group. The Group status, its management forms and relations between participants of the Group are regulated by the Provision on TATNEFT Group approved by the Board of Directors of OAO TATNEFT. Composition and indicators of financial and business activity of TATNEFT Group are reflected in consolidated statements on a quarterly basis according to US GAAP.
Management of affiliated and subordinate company is performed by:
- Executive management bodies and structural divisions within their competence;
- Management Companies of the Group by concluding contracts between these companies and other economic entities of the Group for assignment of functions of the Executive Directorate to Management Companies.
The management of TATNEFT Group is based on the uniform mission and development strategy with observance of fair interests of all Group participants. Uniform corporate standards providing for transparency of industrial and financial activity are applied to TATNEFT Group.
Main priorities for organization of management of the OAO TATNEFT Group:
- Common mission and development strategy;
- Transparency of production and financial activity;
- Ensuring fair interests of all members of the Group, as well as other interested parties;
- Balance in distribution of authorities and responsibility areas at each management level;
- Uniform corporate standards, covering OAO TATNEFT, structural subdivisions, associated and affiliate companies;
- Uniform mechanisms of corporate management and corporate control;
- Evaluation of corporate and production risks;
- Efficient use of financial, material, and other assets and resources;
- Improvement of intellectual potential, including development of scientific and technical basis, strengthening of the corporate brand and complex of non-material intangible assets;
- Corporate social responsibility.
Corporate management principles
The Company follows the following principles of corporate management:
- protection of legal interests and rights of the shareholders;
- equal attitude towards all shareholders;
- mutual trust and respect to all concerned parties;
- sociability in making corporate decisions;
- transparency and delivery of information on development strategy and current activity to all concerned parties;
- personal liability of members of the Board of Directors and executive authorities, and their accountability to the Company and the shareholders;
- observance of conventional business ethics standards;
- continuous improvement of corporate management system on the basis of the best world and national practice.