The Company’s internal control policy is stipulated in the Regulations on Internal Control Procedures. As per the Regulations, internal control is exercised by authorised units of Transneft to execute the following tasks:
- to ensure investors trust Transneft and its governing bodies, to protect capital investments of shareholders and Transneft’s assets;
- to maintain the high level of Transneft’s business reputation;
- to ensure fullness and accuracy of Transneft’s financial and managerial reports;
- to ensure compliance with Russian regulatory acts, decisions of governing bodies and local regulatory acts of Transneft;
- to ensure safety of Transneft’s assets and efficient use of its resources;
- to ensure execution of Transneft’s financial and business plans.
The Company does not have a special business unit for internal control.
In 2017, the Regulations on Internal Control Procedures were amended as regards corruption prevention and counteraction.
For more information on the Company’s internal control system see the Company’s Annual Report.