Transoil views corporate governance as a means of improving the efficiency of its operations and enhancing its reputation. In recent years the Company has devoted increasing attention to the development of a system of corporate relations and improving corporate governance procedures and practices on the basis of internationally recognized principles: accountability, fairness, transparency and responsibility.
The Company has adopted a number of documents governing corporate procedures:
- Company Articles of Association;
- Regulations on the procedure for the convening and holding of meetings of the Board of Directors;
- Regulations on remuneration for the Board of Directors;
- Regulations on the internal control system;
- Regulations on the Audit Committee;
- Regulations on the Strategy Committee;
- Regulations on the procurement procedure;
- Regulations on the Corporate Secretary;
- Corporate Code of Ethics.