Chairman of the Board of Directors

The Chairman of the Board of Directors plays a key role in organising the work of the Board of Directors and is therefore granted additional rights and duties formalised in the Regulations on the Board of Directors.

Key functions of the Chairman of the Board of Directors:

  • Defining key items to be discussed by the Board of Directors and selecting the optimal form of the meeting to discuss the items
  • Ensuring open discussion of agenda items and taking into account the opinions of all Board members
  • Working out the most effective solutions to the agenda issues
  • Representing the Board of Directors in relations with the Company’s General Director
  • Making proposals on distribution of tasks among Board members and Committee members
  • Coordinating and stimulating the activities of the Board of Directors

Consolidated groups frequently employ governance systems wherein a representative of the major shareholder chairs the Board of Directors. This makes it possible to coordinate corporate governance cycles and processes and ensure the necessary degree of cooperation. The mechanisms pertaining to balance of interests also facilitate efficient oversight of the Board Chairman’ actions in the best interests of the entire Company and guarantee the necessary degree of their accountability to the Board of Directors, for example by:

  • Making it possible to electing the Chairman of the Board of Directors solely by resolution of the Board of Directors
  • Searching for optimal solutions — taking into account the opinions of the Board members even in cases when it could not affect the voting results when making decisions
  • Following the quorum rules and decision‑making procedure, including special provisions on unanimity and consideration of votes of independent/non‑independent Board members on a number of issues

Andrey Murov chaired the Board of Directors until its new composition was elected at the Extraordinary General Meeting of Shareholders of the Company on 21 March 2023.

By decisions of the Board of Directors dated 27 Match 2023Minutes of meeting of the Company’s Board of Directors No. 613 dated 30 March 2023. and dated 30 June 2023Minutes of meeting of the Company’s Board of Directors No. 624 dated 3 July 2023., Alexander Novak, Deputy Chairman of the Government of the Russian Federation, was elected Chairman of the Board of Directors of the Company.