Internal control

Sovcomflot Group has in place an internal control system, which ensures the effective implementation of the Group’s internal business processes and is directly linked with the risk management system.

The internal control system is managed by the Company’s governing bodies (the Board of Directors, executive bodies – the Company’s Executive Board and Chief Executive Officer), committees under the Board of Directors, committees under the Executive Board (Freight Committee, Investment Committee, Finance Committee, Committee for Technical Policy – Technical Council, etc.), Vice-Presidents, divisions in charge and the Company’s employees within their competence in accordance with the law and internal documents of the CompanyFor more details see the relevant sections of this Annual Report: Corporate governance system and Board of Directors..

The efficiency of the internal control system is also bolstered by having independent directors in the Board of Directors and its committees. The current Board of Directors has three independent directors.

Effectiveness of the internal control system is assessed by the Auditing Commission and the Internal Audit DepartmentFor more details see the relevant sections of this Annual Report: Auditing Commission and Internal audit..

Tanker «Light»
The propeller of the VLCC crude oil tanker Svet, the largest tanker in the history of the Russian merchant fleet