PJSC LukOil Result of BoD meeting (1914S)

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RNS Number : 1914S

PJSC LukOil

21 June 2018

The Board of Directors meeting was held after the Annual General Shareholders Meeting where Valery Grayfer was elected Chairman of the newly elected Board of Directors of PJSC LUKOIL and Ravil Maganov was elected Deputy Chairman of the Board of Directors of PJSC LUKOIL.

The Board of Directors of PJSC LUKOIL also recognized Victor Blazheev and Igor Ivanov as independent members of the Board of Directors despite the formal criteria of association with the Company resulting from their service on the Board of Directors exceeding 7-year tenure. This association does not affect their ability to make independent, objective and bona fide judgements based on their professional experience and knowledge. This procedure was carried out pursuant to the Company Charter, the Moscow Exchange Listing Rules and the Corporate Governance Code.

Among other things it was noted in the resolution that the term of office of V.Blazheev and I.Ivanov on the Board of Directors does not exceed 12 years*. Besides V.Blazheev and I.Ivanov:

   -    had not been or currently are employed by the Company, 
   -    are not members of the executive bodies of the Company or its controlled entities, 
   -    do not own any shares in the Company, 

- had not received and do not receive any compensation from the Company or its affiliates other than their remuneration for performing their duties as members of the Board of Directors and its committees,

   -    had not rendered and do not render consulting services to the Company or its affiliates. 

- have no affiliation with significant shareholders, significant counterparties or competitors of the Company, governmental authorities or municipalities.

The Board of Directors formed the committees of the Board of Directors comprising as follows.

The Audit Committee:

   1.   Victor Blazheev (Chairman) 
   2.   Igor Ivanov 
   3.   Ivan Pictet 

The Human Resources and Compensation Committee

   1.   Roger Munnings (Chairman) 
   2.   Victor Blazheev 
   3.   Richard Matzhke 

The Strategy and Investment Committee

   1.   Igor Ivanov (Chairman) 
   2.   Toby Gati 
   3.   Ravil Maganov 
   4.   Leonid Fedun 

* Pursuant to the Moscow Exchange Listing Rules, a member of the Board of Directors whose term of office in aggregate exceeds 7 years but does not exceed 12 years may not be deemed associated with the company if the company's board of directors takes a relevant decision.

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June 21, 2018 10:51 ET (14:51 GMT)