The Audit Committee’s main objectives are to draft and submit recommendations to the Board of Directors regarding effective performance of functions related to supervision of the Company’s financial and business activities by the Board of Directors. These recommendations include priority matters in annual independent audit of accounting (financial) statements, the quality of the Auditor’s services and its compliance with the independence requirements; as well independent property appraisal in cases specified in the Russian legislation among others.
The Audit Committee is fully accountable to the Board of Directors of NLMK and is an advisory body.
The Audit Committee constitutes a part of the risk management system and has the following risk management, internal control and corporate governance functions:
The majority of the Committee members, including its Chairman, are Independent Directors. Currently the Committee has the following composition: