Annual Report & Accounts 2013
Severstal Annual Report 2013 Home > Governance > Corporate governance statement > Supervisory bodies of the company
 

Supervisory bodies of the company

What are the company’s supervisory bodies?

Severstal supervisory bodies are as follows:

  • Internal Audit Commission, and
  • External Auditor.

What is the role of the company’s supervisory bodies and what are their key responsibilities?

Internal Audit Commission

Severstal’s Internal Audit Commission is a full-time internal control body that supervises the company’s financial and business operations, to obtain adequate assurance that the company’s operations are in full compliance with Russian law, to make sure the rights of the company’s shareholders are observed, and the company’s reports and accounts have no material mis-statements. The Internal Audit Commission acts in the best interests of shareholders and reports to the GMS.

Our Internal Audit Commission comprises three persons. They are elected for a period until the next AGM. Members of the Internal Audit Commission cannot be members of the company’s Board and occupy any other position in the company’s management structure at the same time.

Severstal’s Internal Audit Commission was re-elected by the AGM in June 2013 in the following body:

  1. Nikholay Lavrov (Chief Audit Executive),
  2. Roman Antonov (Deputy Chief Audit Executive), and
  3. Svetlana Guseva (Manager of Internal Audit and Risk Management).

Activity of the company’s Internal Audit Commission is regulated by Severstal’s Regulations for the Internal Audit Commission. These regulations are available at www.severstal.com.

External Auditor

An external auditor is appointed annually by the GMS. The external auditor’s role is to review the company’s financial and reporting performance. The amount of its remuneration is subject to Board’s approval.

As in 2012, ZAO KPMG was re-appointed as Severstal’s auditor by the AGM in June 2013. KPMG was first elected as Severstal’s auditor in 1997. According to a recent tender offer, which was conducted in December 2012, KPMG has been chosen as Severstal’s auditor for 2013–2015 period. Detailed information about the company’s auditor is shown below:

  
Auditor name:ZAO KPMG
Legal address:18/1, Olympiysky prospect, room 3035, Moscow 129110.
Postal address:10, Presnenskaya Naberezhnaya, Moscow, Russia, 123317.
State registration:Registered by the Moscow Registration Chamber on 25 May 1992, Registration No. 011.585. Included in the Unified State Register of Legal Entities on 13 August 2002 by the Moscow Inter-Regional Tax Inspectorate No.39 of the Ministry for Taxes and Duties of the Russian Federation, Registration No. 1027700125628, Certificate series 77 No. 005721432.
Membership in self-regulating auditors’ organisation:Member of the Non-Commercial Partnership ‘Chamber of Auditors of Russia’. The Principal Registration Number of the Entry in the State Register of Auditors and Audit Organisations: No.10301000804.
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