Corporate Governance

According to statistics, the risk of an accident at an oil production facility, an oil refinery, or any point in the supply chain is low. However, because this risk still remains, LLC Tagulskoe has devised and implemented an emergency preventive and response system. Measures to prevent emergencies, protect employees, and protect production facilities are developed and implemented with its assistance.

Corporate Governance

In 2019, 60.8 percent of businesses complied with the requirements of best available practice as defined by international standards, compared to 60.9 percent in 2020. One shareholder has chosen a model in which shareholders, the Board of Directors, and the Centralized Internal Audit Service are all involved. Effective corporate governance is one of the most critical factors of a company’s competitiveness. The Company’s development is impossible without an efficient structure in place to regulate the relationships between the Board of Directors, the executive board, and the shareholders, and without investors having confidence that the Company’s management spends their funds wisely to achieve capitalization growth.

Since its approval, LLC Tagulskoe’s corporate governance has been submitted to annual diagnostics to ensure compliance with the level of best practice corporate governance. As a result of the diagnostics, flaws in the governance system are revealed, and methods for enhancing governance quality in the Company are determined. In addition, corporate governance reform measures are launched based on the diagnostic results to ensure compliance with worldwide best practices.

LLC Tagulskoe recognizes the importance of corporate governance and places a strong priority on implementing corporate governance standards. In 2019, a Corporate Governance Code was approved. The Corporate Governance Code of the Company was created in accordance with the Corporate Governance Code of LLC Tagulskoe, a single stakeholder.