Audit, Finance and Risk Committee
Appointed by the Board of Directors
Overseeing the budgeting, financial modelling and reporting processes; facilitating the interaction with investors and external auditors and the development of internal audit function, internal control function, and risk management and anti-corruption systems; supervising Sistema’s compliance with business ethics and legal and regulatory requirements; preliminary review of transactions submitted to the Corporation’s Board of Directors for approval.
20 meetings
held in 2021
Competencies:
Analysing accounting policies and supervising preparation and audit of financial statements, budgeting process, and financial planning in the Corporation.
Facilitating the work on increasing investment appeal, disclosing information, improving communications with the investment community, and developing and implementing Sistema’s investor relations (IR) strategy and dividend policy.
Providing recommendations on the selection of an external auditor and assessing audit services.
Ensuring the independence of the internal audit function and assessing its performance.
Assessing the effectiveness of the Corporation’s internal control, risk management, corporate security and whistleblowing systems.
Monitoring compliance with the Code of Ethics and resolving potential conflicts of interest among Sistema’s employees.
Assessing the adequacy of the system for preventing corruption, fraud, and other misconduct at Sistema Group companies.
The Committee is responsible for mandatory consideration of:
Related party transactions and major transactions.
The Corporation’s annual and interim reporting, financial model and budget.
Dividend policy and IR strategy.
Results of external and internal audits.
Corporate internal audit policy.
Management’s reports on risk management, risk maps and mitigation plans.
Results of ethics assessment at Sistema.
Hotline reports related to significant violations of applicable law.
Anti-corruption action plans.
Committee structure:
Independent directors