Information about changes in the constitution ofthe Companys Board during the reporting year

From January1, 2011 and until the date ofthe Annual General Meeting held onJune09, 2011, the Board ofDirectors ofGazprom Neft consisted ofthe following members:

  1. Miller, Alexey Borisovich (Chairman of the Board of Directors)
  2. Golubev, Valery Alexandrovich
  3. Kruglov, Andrey Vyacheslavovich
  4. Dubik, Nikolay Nikolaevich
  5. Pavlova, Olga Petrovna
  6. Kalinkin, Alexander Vyacheslavovich
  7. Seleznev, Kirill Gennadievich
  8. Dyukov, Alexander Valerievich
  9. Mikheyev, Alexander Leonidovich
  10. Alisov, Vladimir Ivanovich

There were noother changes inmembership ofthe Companys Board ofDirectors.

ActivitiesbyGazpr omNeft s Board ofDirectors during 2011

Gazprom Nefts Board of Directors meets as scheduled, in line with best corporate management practice, enabling the Board to carry out its business efficiently.

Main activities of the Board of Directors in 2011.

  • Examined progress in the Development Strategy of Gazprom Neft up to 2020;
  • Approved the Investment Program of Gazprom Neft for 20112012;
  • Examined the forecast investment plan up to 2014;
  • Examined the project to relocate the Companys employees to a head office in St. Petersburg;
  • Examined the principles and procedure of investment decisions by Gazprom Neft;
  • Analysed the financial and economic efficiency of Gazprom Nefts participation in the capital of various investment targets;
  • Presented and examined information on energy supply to Gazprom Neft facilities;
  • Examined the principles underlying the internal audit system at Gazprom Neft.

In budget planning and financing of Company operations:

  • Approved the Budget of Gazprom Neft for 2011 and 2012;
  • Approved the Cost Optimization Program of Gazprom Neft for 2011 and 2012;
  • Examined estimates for the Budget and Cost Optimization Program of Gazprom Neft up to 2014;
  • Approved multiple loan transactions;
  • Approved transactions to secure obligations assumed by companies of Gazprom Neft Group;
  • Approved issue of exchange and corporate bonds by Gazprom Neft.

In corporate governance:

  • Approved the new version of the Code of Corporate Conduct;
  • Approved a series of resolutions on corporate issues, including convening of an Extraordinary General Meeting of Shareholders of Gazprom Neft to approve a new version of the Articles of Gazprom Neft;
  • Recommended remuneration to the Board of Directors and Audit Commission for 2010.


  • Approved a number of transactions with interest;
  • Examined involvement of executive directors of Gazprom Neft in managing bodies of third party organisations;
  • Took decisions on participation/ending of participation in other organizations as part of the ongoing corporate restructuring program;
  • During sports seasons, approved sponsorship for sports clubs in Gazprom Neft operating regions (Zenit Soccer Club, and SKA Ice-Hockey Club).

As a tool that aims to keep Directors informed about the Companys operating results, the Articles and Regulationa concerning the Management Board of Gazprom Neft require that the Directors should receive quarterly MD&A reports.