Internal Audit Department
The сompany shall carry out internal audit in order to ensure an ongoing independent reliability and performance assessment of risk management and internal control.
The сompany’s Board of Directors shall adopt the by-laws determining the сompany’s internal audit policy.
To assist the сompany’s Board of Directors and executive bodies in improving the corporate governance efficiency and the сompany’s financial and business operations, including through a systematic and consistent approach to analysis and assessment of the risk management, internal control, and corporate governance systems, the сompany has created a centralised internal audit function performed by the Internal Audit Department.
To ensure its independence and impartiality, the Internal Audit Department shall report to the сompany’s Board of Directors and be administratively subordinated to the General Director. The Internal Audit Department shall be managed by the head appointed by order of the General Director upon recommendation of the сompany’s Board of Directors.
The activities of the Internal Audit Department shall be guided by the legislation of the Russian Federation, resolutions of the General Shareholders’ Meeting and the сompany’s Board of Directors, internal by-laws, and internal audit standards set by the International Standards for the Professional Practice of Internal Auditing and the Code of Ethics of the Institute of Internal Auditors.
The сompany has developed feedback channels for issues related to irregularities or inconsistencies during preparation of financial statements or operation of the internal control system. Any Company employee may refer the above issues to the Internal Audit Department and the Audit Committee of the сompany’s Board of Directors.