Russia’s Lukoil board gives preliminary approval to annual report

The Lukoil Board of Directors granted tentative approval to the Annual Report of Lukoil for 2013, in Moscow on May 14, in accordance with the Federal Law of the Russian Federation on Joint-stock Companies and the company's Charter. The Board of Directors also approved the Lukoil 2013 Corporate Governance Report prepared in accordance with the UK FCA’s Disclosure and Transparency Rules. The Corporate Governance Report will be placed on the company’s website and submitted to the UK National Storage Mechanism.

The Board of Directors heard a report on the performance of internal control, internal audit and risk management systems. The Board of Directors also heard a report on the replacement of the oil reserves.The amount of proven hydrocarbon reserves makes it possible for the company to ensure target production levels for the duration of 21 years.

Source: Lukoil Press Office, 2014