Committees of the Board of Directors
In accordance with PJSC Magnit’s internal regulations, there are four committees under the Board of Directors:
Key responsibilities:
- monitoring and verifying the integrity of financial statements
- verifying the internal control and risk management system
- monitoring the effectiveness of internal audits
- monitoring relations with the external auditor.
Key responsibilities:
- developing and monitoring the Remuneration Policy (including long and short-term incentives)
- endorsing and monitoring senior management appointments (CEO-1/CEO-2 levels)
- developing the talent management strategy
- assessing the performance of the Board of Directors and management team on an annual basis.
Key responsibilities:
- strategic and investment planning
- identifying priority focus areas
- endorsing and verifying the business plan and budget.
Key responsibilities:
- developing and improving corporate governance systems
- preparing, developing and implementing IR strategies
- assessing the Dividend Policy and drafting relevant recommendations for the Board of Directors.
The committees are made up from members of the Board of Directors who are elected based on their relevant professional experience and knowledge. When electing members of the committees (including the chairs of the committees), the following aspects must be taken into consideration: the education and professional training of the candidates, their work experience in the Committee’s focus area, their document handling skills, as well as other necessary proficiencies and experience.
The Regulations on the Committees of the Board of Directors of PJSC Magnit govern the make-up and activities of the committees.
The work of the committees goes beyond formal meetings. The committees constantly interact with the management team in order to streamline cooperation between the executive bodies of the Company and the Board of Directors.