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Control system

PJSC Magnit has an efficient corporate governance framework and internal control on its financial and economic activities that complies with Russian laws, the Rules of the Moscow Exchange and the London Stock Exchange rules, as well as international best practices. The Company continuously enhances its corporate governance and ensures the protection of shareholders and other stakeholder rights.

The Company’s highest decision-making body is the General Meeting. The Board of Directors is elected by shareholders at the General Meeting and is accountable to them. It provides strategic oversight and monitors the activities of the executive bodies: the CEO (Chairman of the Management Board), President and the Management Board. The post of President was first introduced in 2019.

The executive bodies handle the day-to-day management of the Company and perform tasks assigned by the shareholders and the Board of Directors.

There are four committees under the Board of Directors:

the Audit Committee, the HR and Remuneration Committee, the Strategy Committee, Capital Markets Committee.

The Internal Audit Department analyses and evaluates the risk management and internal control systems, as well as corporate governance.

The Corporate Governance Department performs the functions of the Corporate Secretary, ensures the efficient operation of the remaining corporate governance bodies and is responsible for all necessary disclosures.

Administrative subordination. Department Director is appointed by the Board of Directors.