Supervisory Board comprises four profile committees: Strategy and Investments Committee; Health, Safety and Environment (HSE) Committee; Audit Committee; Remuneration and Nomination Committee.
Strategy & Investments Committee
The key responsibility of the Strategy Committee is to review and provide recommendations to the Supervisory Board in the following areas:
- strategic objectives of the Group, including existing and new businesses;
- M&A projects;
- investment projects with budgets exceeding US$20 million.
Health, Safety & Environmental Committee
The HSE Committee’s aim is to provide the management team with support in implementing the highest standards of health, labour, and environmental safety culture throughout the Group.
The HSE Committee is responsible for the following areas:
- leadership and proactive promotion of the development and implementation of the Group’s HSE strategy;
- involvement in key HSE projects, including analysis and the approval of plans and budgets;
- development and implementation of a reliable system of HSE managerial reporting in accordance with the highest international standards;
- review of investigations and preliminary conclusions for fatal accidents and other major accidents resulting in damage to health or environment (both on-site and off-site);
- discovery of the actual causes of fatalities and accidents, and development of action plans to minimise risks for the future;
- organisation of planned and unplanned site visits to check the real-life HSE practices at production sites (i.e. processes, controls, and the knowledge and skills of staff and management).
Audit & Finance Committee
The aim of the Audit Committee is to analyse and support the Group’s internal audit function.
The Audit Committee is responsible for the following areas:
аinancial reporting processes, including recommendations regarding any changes to the Group’s accounting policies;
recommendations on nominees to be appointed as the external auditor;
relationship with the external auditor;
analysis of the Group’s internal control system and the procedures for managing risk, including recommendations on their improvement;
analysis and support of the internal audit system;
compliance with legislation and business conduct standards;
recommendations to the Supervisory Board regarding the approval of the Group’s financial statements.
Appointments & Compensations Committee
The Remuneration and Nomination Committee is responsible for the following areas:
- the framework for the remuneration of members of the Executive Committee and top managers of the Group, including General Directors of the Group’s enterprises;
- the terms and conditions of the employment contracts for the positions noted above;
- recommendations to the Supervisory Board on dismissals and new appointments for the senior positions within Metinvest Group;
- recommendations to the Supervisory Board on KPIs and annual bonuses for senior management;
- the Group’s succession policy;
- the Group’s motivation, assessment and reward systems.