PJSC LukOil Result of BoD Meeting (9341C)

TIDMLKOD

RNS Number : 9341C

PJSC LukOil

20 June 2019

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. Ravil Maganov was elected Deputy Chairman of the Board of Directors.

The Board of Directors also recognized Victor Blazheev as an independent member of the Board of Directors despite the formal criteria of association with the Company resulting from his service on the Board of Directors exceeding 7-year tenure. According to the opinion of the Board this association does not affect his ability to make independent, objective and bona fide judgements based on his 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 on the Board of Directors does not exceed 12 years*. Besides V.Blazheev:

   -    had not been or currently is employed by the Company, 
   -    is not a member of the executive bodies of the Company or its controlled entities, 
   -    does not own any shares in the Company, 

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

   -    had not rendered and does not render consulting services to the Company or its affiliates, 

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

   -   does not represent interests of any particular shareholders. 

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

The Audit Committee:

   1.   Victor Blazheev (Chairman) 
   2.   Pavel Teplukhin 
   3.   Sergei Shatalov 

The Human Resources and Compensation Committee

   1.   Roger Munnings (Chairman) 
   2.   Victor Blazheev 
   3.   Wolfgang Schussel 

The Strategy, Investment and Sustainability Committee

   1.   Sergei Shatalov (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 justified decision.

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June 20, 2019 09:37 ET (13:37 GMT)