Severstal Annual Report 2015 Home > Governance > Corporate Governance Statement > The Board Committees

The Board Committees

What are the Committees of our Board and what do they do?

Severstal’s Board of Directors includes the following committees:
– Audit Committee,
– Remuneration and Nomination Committee, and,
– Health, Safety and Environmental Committee.

The Board Committees serve as consultative and advisory bodies that deal with issues raised by the Board. Committees may not act on behalf of the Board and are not considered to be management bodies of the company. They have no powers in relation to managing the company.

Committee meetings are held as and when necessary, but at least three times a year (except for the Health, Safety and Environmental Committee, which meets at least twice a year). They are held separate from the Board meetings so that extra attention can be given to discussing issues, which require preliminary Board consideration prior to approval by the Board members, and determine the necessity of the Board’s approval for a specific issue.

Decisions of each Committee are taken by a majority vote of all Committee members taking part in the meeting. Each member has one vote and the Committee Chairman has no casting vote in the event of a tie.

Activity of Severstal Committees is regulated by the Regulations for the Board Committees. Please refer to www.severstal.com for more information.

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