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Committees of the Board of Directors

To improve the overall efficiency of ChelPipe Group and its Board of Directors, the Board resolved to establish permanent advisory bodies in the form of committees. The committees are charged with previewing the most critical matters reserved to the Board of Directors so as to submit relevant recommendations to the Board of Directors and the sole executive body.

Audit Committee

The Audit Committee assists the company's governance bodies in overseeing ChelPipe Group’s financial and economic activities, and ensuring the reliability and efficiency of the internal control, audit and risk management systems.

Key objectives
of the committee

Ensure the completeness, accuracy and reliability of financial (accounting) statements;
Monitor the reliability and efficiency of the risk management, internal control and audit systems, while also drafting proposals for their further improvement;
Oversee external audits and assess the quality of audits and auditor opinions;
Approve the budget, structure and action plan of the company's internal control and audit unit.

Corporate Governance Committee

The Corporate Governance Committee assists the company's governance bodies in setting up, implementing and improving ChelPipe Group’s corporate governance framework and practices, regulating relations between the shareholders, the Board of Directors and the sole executive body, and liaising with the company’s controlled entities and other stakeholders.

Key objectives
of the committee

Monitor the reliability and efficiency of ChelPipe Group’s corporate governance framework and practices, while also drafting proposals for their further improvement;
Assess internal regulations on the company's bodies and enforce key corporate governance procedures across ChelPipe Group;
Evaluate independence of the directors and ensure assessment of the Board’s performance;
Prevent and settle corporate conflicts.

Nomination and Remuneration Committee

The Nomination and Remuneration Committee assists the company's governance bodies in setting up and implementing an effective and transparent framework for remuneration processes, succession planning, HR policy improvements, and bringing the necessary expertise to the Board of Directors.

Key objectives
of the committee

Monitor implementation of the company’s HR and remuneration policies and incentive programmes;
Develop a selection process to appoint members of the Board of Directors, the sole executive body, the Corporate Secretary and other key executives;
Assess efficiency of the sole executive body and other key executives.

Strategic Planning Committee

The Strategic Planning Committee assists the company's governance bodies in delivering on their strategic planning and investment commitments, while also helping to put in place and implement an efficient development strategy for the Group.

Key objectives
of the committee

Determine ChelPipe Group's strategic goals;
Assess business projects and investment programmes for their compliance with ChelPipe Group's development strategy;
Monitor the implementation of ChelPipe Group's development strategy.

Information Technology Committee

The Information Technology Committee assists in development and implementation of advanced digital solutions in the Chelpipe Group, optimization of key business processes using information technologies, increase of efficiency of large-scale IT projects implementation.

Key objectives
of the committee

Preparation of recommendations to the Board of Directors on determining the priority areas of the company's activities in the area of improving the efficiency of business processes using information technologies, including the approval of IT strategy and IT policy;
Evaluation of projects in the field of information technologies;
Monitoring the organization of information technology management processes;
Monitoring and proper response to changes in information technology development, assessment of possible negative impact of changes on the company.
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