Audit Commission

Financial operations of IDGC of U rals, OAO are controlled by the Audit Commission, according to item 24.1 of the Charter. The membership is 5 (Five) persons. During the reported period the membership of the Audit Commission, elected by the AGSM on June 13, 2013 was as follows:

Name Position[1]
Andrey Veniaminovich Belsky Head of Corporate Secretary Directorate at KES, ZAO
Lyudmila Dmitrievna Kormushkina Head of Audit and Expertise Section of Internal Audit and Risk Management Department at IDGC Holding
Sergey Vladimirovich Malyshev Chief expert of Control and Audit Department at FSK UES
Valery Nikolayevich Zakharchuk Deputy Head of Economic Security Department – Head of Control over Contracts and Purchases
Section at FSK UES
Konstantin Sergeevich Serebryakov Head of Corporate Events Directorate at IDGC Holding

The Audit Commission covers the following spheres:

  • Audit of financial and operating documentation, including initial accounting documents (if required);
  • Audit of the legality of resolutions and performance of the executive bodies, including concluded contracts and completed transactions;
  • Audit of the compliance of transactions’ conditions with the conditions of transactions made under the comparable circumstances;
  • Analysis of the compliance of the accounting policy with the current regulatory documents;
  • Analysis of the financial status and detection of reserves for improving economic situation;
  • Analysis of timeliness and correctness of payments to contractors, various budgets, shareholders and other creditors;
  • Analysis of payments of debtors, including timeliness and adequacy of measures taken by the executive bodies;
  • Other activities under the AC competence.

AC remuneration and payment procedure are determined by the Regulations on Remunerations and Compensations paid to the AC members, approved by the Company’s GSM. In 2013 AC members and engaged specialists earned RUR 1 605.0 thous. including taxes.