Audit Committee

Audit Committee is established by the Board of Directors. The primary responsibility of the Audit Committee is to assist the Board in fulfilling its oversight role by performing the following functions:

  • monitoring and assessing the integrity of the financial statements as well as disclosures of the financial condition, results of operations and cash flows;
  • monitoring processes designed to ensure an appropriate internal control system, including compliance with legal and regulatory requirements;
  • monitoring the qualifications, independence and performance of the external auditors and of Internal Audit;
  • monitoring the adequacy of financial reporting processes and systems of internal accounting and financial controls;

The Audit Committee is comprised of three members of the BOD. It is chaired by Albert Schönenberger, who is assisted by Dr. Wolfram Kuoni and Urs Kloeti, who have significant accounting and financial management expertise. The committee is also attended on a permanent basis by Andrey Korolev and Alexey Kechko, representatives of Gazprombank (JSC).