Auditing Commission

The Auditing Commission exercises control over the financial and business activities of PAO Sovcomflot, as well as its divisions and services.

The competence and operating procedures of the Auditing Commission are determined by the Regulations on the Auditing CommissionMore detailed information about these regulations can be found on the Company’s website in the Corporate governance section. approved by the PAO Sovcomflot General Meeting of Shareholders (Instructions No. 519-r of the Federal Agency for State Property Management dated 30 June 2016).

During the reporting period the Auditing Commission operated in the following compositions, which were elected by the Annual General Meeting of Shareholders on 26 June 2019 (Instructions No. 373-r of the Federal Agency for State Property Management dated 26 June 2019) and the Annual General Meeting of Shareholders on 4 August 2020 (Instructions No. 2197-r of the Federal Agency for State Property Management dated 4 August 2020), respectively.

Members of the Auditing Commission did not own shares in PAO Sovcomflot during the reporting period, nor made any transactions in Company shares.

In 2020, compensation was paid to members of the Auditing Commission other than state officials in accordance with the Regulations on the Payment of Compensation and the Reimbursement of Expenses to Members of the PAO Sovcomflot Auditing Commission approved by Instructions No. 519-r of the Federal Agency for State Property Management dated 30 June 2016 and on the basis of Instructions No. 297-r of the Federal Agency for State Property Management dated 4 August 2020.

All recommendations of the PAO Sovcomflot Internal Audit Commission based on the audit of financial and economic activities were implemented during the reporting period.