Executive Bodies
Executive Bodies:
- Chief Executive Officer
- Management Board
As stated by the Charter, the Chief Executive Officer acts as a sole executive body and as a Chairman of the Management Board of Rosneft.
Igor Sechin has been the Chief Executive Officer of the Company since 2012. He manages the current activities of the Company, prepares an agenda for the Management Board’s meeting, and chairs the Board meeting.The procedure for forming the Management Board, the rights, duties and responsibilities of the members of the Management Board, the procedures and guidelines for the Management Board’s activities are governed by the Regulations on the Collective Executive Body (the Management Board) of the Company.
Changes to the Membership of the Management Board
In 2018, Yury Narushevich, a member of the Management Board, has served his full term in office.
Elena Zavaleeva, Vice President of the Company, was elected to the Board as a State Secretary.The size of the Management Board was not changed in the reporting year and totals 11 members. The Management Board includes the heads of key business lines, operation service, and support function segments of the Company.
Members of Rosneft’s Management Board
Born in 1960.
Graduated from Leningrad State University in 1984, PhD in Economics.
Holder of government and ministerial awards.
Holds 13,489,350 shares of Rosneft (0.1273% of the Company’s share capital).
Born in 1946.
1979: Graduated from Saratov Institute of Law.
Holder of government and ministerial awards.
Board member of JSC NEFTEGARANT Non-State Pension Fund, member of boards of directors of LLC RN-Upstream, LLC RN-Commerce, LLC RN-Resource, and LLC RN-Refining.
Holds 203,916 shares of Rosneft (0.0019% of the Company’s share capital).
Born in 1954.
1980: Graduated from the School of Radio Engineering, Electronics, and Computer Science (Paris, France).
Chairman of the board of directors at JSC Verkhnechonskneftegaz and LLC RN-Upstream, member of the board of directors at OJSC NGK Slavneft, LLC National Petroleum Consortium, LLC RN-GAZ, LLC RN-Resource, and LLC RN-Foreign Projects.
Holds 543,804 shares of Rosneft (0.0051% of the Company’s share capital).
Born in 1947.
1971: Graduated from Ufa State Oil Technical University. PhD in Economics.
Holder of government and ministerial awards.
General Director, member of the Board of Directors at JSC ROSNEFTEGAZ, Chairman of the Supervisory Board at Gubkin Russian State University of Oil and Gas, member of the Management Board at Autonomous Non-Profit Organization Hockey Club Salavat Yulaev.
Holds no shares of Rosneft.
Gennady Bukaev is not entitled to vote on matters within the Management Board’s competence related to the Company’s operations, which could potentially be subject to audit / management decision-making with regard to audited entities, that is a subject for review by the Board of Directors (see more in section Internal Audit)
Born in 1966.
1991: Graduated with distinction from Ghent University, Belgium. 1992: Graduated from Ghent University, Belgium/Lisbon University, Portugal.
Since May 2012: Vice President of Rosneft
Since January 2015: Vice President of Rosneft for Refining, Petrochemical, Commerce, and Logistics. -->
Chairman of the board of directors at PJSC Saratov Refinery, Rosneft – MP Nefteprodukt, CJSC Rosneft-Armenia, LLC RN-Yerevan, Rosneft Trading S.A., LLC RN-Commerce, LLC RN-Refining, Chairman of the Supervisory Board at PRJSC LINIK, member of the board of directors at OJSC NGK Slavneft, OJSC NGK Slavneft-YANOS, Rosneft Global Trade S.A., JSC SPIMEX, Rosneft Techno S.A., PJSOC Bashneft, LLC RN-Foreign Projects, Nayara Energy Limited, and member of the Board of Directors at SIA ITERA Latvija.
Holds 457,598 shares of Rosneft (0.0043% of the Company’s share capital).
Born in 1972.
1994: Graduated from Lomonosov Moscow State University. 1998: graduated from California State University, Hayward, with an MBA degree.
Holds no shares of Rosneft.
Born in 1967.
1990: Graduated from the Plekhanov Moscow Institute of National Economy.
Chairman of the Board at NEFTEGARANT Non-State Pension Fund, Chairman of the board of directors at LLC RN-Resource, Deputy Chairman of the Board at JSC DSRC, member of the board of directors at Rosneft – MP Nefteprodukt, JSC FESRC, CJSC TEK-Torg, LLC RN-Upstream, LLC RN-Commerce, LLC RN-Assets, and LLC RN-Foreign Projects, General Director of LLC RN-Foreign Projects and JSC RN Holding, Executive Financial Director of JSC RN Management.
Holds 448,066 shares of Rosneft (0.0042% of the Company’s charter capital).
Born in 1981.
2003: Graduated from the Moscow State Social University of the Ministry of Labor and Social Development, majoring in Legal.
Holder of a government award.
Chairman of the Board of Directors at LLC Reestr-RN, member of the Board of Directors at PJSOC Bashneft, LLC RN-Refining, LLC RN-Upstream.
Holds 6,250 shares of Rosneft (0.00006% of the Company’s charter capital).
Born in 1954.
Graduated with honors from the University of Alaska in 1979.
Holder of government awards.
Chairman of the Supervisory Board at PJSC RosneftSakhalin, Chairman of the board of directors at LLC RN-Foreign Projects and JSC RN-Shelf-Far East, member of the board of directors at RN Nordic Oil AS, CJSC Rosshelf, JSC FESRC, LLC RN-GAZ, and LLC RN-Commerce.
Holds 377,318 shares of Rosneft (0.0036% of the Company’s charter capital).
Born in 1953.
Graduated from the Gubkin Moscow Institute of the Petrochemical and Gas Industry in 1977 and completed a post-graduate program there in 1984 .
Holder of government and ministerial awards.
Chairman of the board of directors at LLC RN-GAZ and SIA ITERA Latvija, member of the Supervisory Board at the Union of Oil and Gas Organizations Russian Gas Society, member of the board of directors at LLC RN-Foreign Projects, LLC RN-Refining.
Holds 4,071 shares of Rosneft (0.00004% of the Company’s charter capital).
Born in 1959.
Graduated from the Gubkin Moscow Institute of the Petrochemical and Gas Industry in 1985, Finance Academy under the Government of the Russian Federation in 1996, and Moscow International Higher Business School MIRBIS in 2002.
Holder of government and ministerial awards.
Chairman of the board of directors at JSC FESRC, JSC 82 SRF, JSC Okhinskaya TETS, LLC Zvezda-Hyundai, JSC Lazurit CDB, JSC TomskNIPIneft; member of the board of directors at RIG Research Pte. Ltd., PJSC RusHydro, JSC USC, LLC SNGT, LLC Zvezda Marine Technology, Antares Singapore Pte. Ltd., LLC RN-Assets, LLC RN-Upstream, LLC RN-Commerce, LLC RN-Refining, OJSC SPA Burovaya Technika, General Director at LLC RN-Assets, President, Chairman of the Management Board, Deputy Chairman of the Board of Directors at PJSOC Bashneft, member of the Supervisory Board at the National Assosiation of Technology Transfer, member of the Board of Trustees at the Gubkin Russian State University of Oil and Gas.
Holds 377,114 shares of Rosneft (0.0036% of the Company’s charter capital).
Performance of the Management Board in 2018
In 2018, the Management Board held 59 meetings, reviewed and made resolutions on 195 matters:
- reviewed the status of Rosneft – 2022 Strategy implementation;
- implemented the long-term incentive program for executives of the Group Subsidiaries;
- established the Technological Council, Science and Technology Committee, Information Technology Expert Council, Import Substitution Committee, created and approved internal documents that specify their operation procedures;
- updated the Company-wide register of non-core and non-performing assets;
- approved implementation of eight business projects for field development and construction, oil pipelines retrofitting, conducting geological surveys, oil refining development;
- approved 79 related party transactions for oil and oil products supply to foreign and domestic markets, for gas supply to the domestic market, for provision of oil sales services on a commission basis;
- liquidated/reorganized ten Group Subsidiaries to optimize the Company’s corporate structure;
- approved participation of the Company in 23 organizations;
- approved the Company’s internal documents on:
- health, safety, and environment;
- risk management and internal control;
- organization of operation of Technical and Technology Expert Council and Science and Technical Council;
- quality control of oil products, etc.;
- reviewed the results of the Company’s management activities for 2017 and approved the KPI values for senior managers of Rosneft business units and executives of key Group Subsidiaries for 2018;
- approved the candidates for election to the boards of directors and executive bodies of key Group Subsidiaries.
Planning of the Management Board’s work
The Management Board works on a scheduled basis. The Management Board’s action plans are developed quarterly with regard to proposals submitted by the members of the Management Board and top managers of the Company.
In 2019, the Management Board will continue works on implementation of the Company’s Development Strategy in accordance with resolutions of the Board of Directors.
Corporate Secretary
In May 2014MinutesNo.34 dated 5 May 2014., the functions of the Corporate Secretary were vested in the Director of Rosneft’s Corporate Governance Department Svetlana Gritskevich.
The Corporate Governance Department is the Company’s business unit exercising functions of the Corporate Secretary Administration.
The Corporate Secretary reports to the Board of Directors, is appointed and dismissed by the Chief Executive Officer based on the resolution of the Board of Directors.
The Corporate Secretary’s activities are governed by the Regulations on the Corporate Secretary. Key functions are as follows:
- enhancement of the corporate governance system;
- organization of preparations for, and conduct of the General Shareholders Meetings;
- support of activities of the Board of Directors and its Committees, execution of functions of the Management Board Secretary;
- prevention of corporate conflicts;
- ensuring the exercise of shareholder rights;
- implementation of the information disclosure policy;
- organization of works for Company’s compliance with the requirements of the Russian legislation on countering the misuse of insider information and market manipulation;
- monitoring of Company’s compliance with the requirements of the Russian legislation on countering the misuse of insider information and market manipulation;
- communication with the registrar and government bodies authorized to regulate corporate relations and the securities market.
Has held the first positions The first place according to the results of 2016-2017; the third place according to the results of 2018 in TOP-50Corporate Governance Directors rating. in the corporate governance ratings in the energy and fuel sector according to the Kommersant Publishing House and the Association of Managers (TOP-1000 Russian Managers rating).
Ranked among the 25 Best Corporate Governance Directors / Corporate Secretaries for 2018 according to the assessment of the Association of Independent Directors and the Russian Union of Industrialists and Entrepreneurs in a partnership with PwC.