Audit and internal control system

Nizhnekamskneftekhim engages an independent external auditor for annual auditing of its RAS (Russian Accounting Standards) financial statements as well as IFRS consolidated financial statements. 

The auditor is approved by the General Meeting of Shareholders upon the proposal of the Board of Directors. Candidates are selected via a tender procedure, which provides for impartiality, transparency, and independence.

Auditor details

* On 14 June 2022, Nizhnekamskneftekhim was notified that since 3 June 2022 JSC PricewaterhouseCoopers Audit had changed its name to Technologies of Trust – Audit. The remaining information about the auditor, including the Primary State Registration Number (1027700148431) and Taxpayer Identification Number (7705051102) and business address, saw no changes.

The risk management system serves to ensure reasonable assurance in delivering Nizhnekamskneftekhim’s strategic goals, efficiency of financial and business operations, security of assets, timely and accurate reporting, as well as compliance with applicable laws and internal regulations.

The cornerstone of risk management is striking a balance between seizing new opportunities and minimising potential losses.

The goals of the risk management system:

1. Identification, analysis and assessment of risks, effective risk management
2. Prevention of risks and mitigation of their impact to an acceptable level
3. Monitoring of the effects that risks have on the financial resilience, strategic and operational goals, and the Company’s reputation
4. Improvement of the risk management infrastructure and process, enhancement of the risk management culture

Risk management principles:

• comprehensive approach
• shared responsibilities
• continuity of processes
• flexibility and openness to change
• goal setting
• open communication
• retrospective risk analysis
• risk-based decision making