Audit Commission

The Audit Commission oversees the Company’s business operations and acts on the basis of the laws of the Russian Federation, the Charter of Russian Railways and the Regulation on the Audit Commission of Russian Railways approved by Order No. 265-r of the Russian Government dated 25 February 2004.

The Audit Commission is responsible for:

  • auditing the Company’s business operations for any given year and at any time as it thinks fit or as resolved by the General Meeting of Shareholders, the Company’s Board of Directors or requested by the shareholder;
  • auditing and reviewing the Company’s financial and solvency position, systems for internal control and management of financial and operational risks, asset liquidity and debt to equity ratio;
  • verifying the accuracy of the Company’s annual report, annual financial statements and other disclosures or financial documents;
  • auditing the accounting and reporting procedures used in the course of business operations;
  • auditing the timeliness and accuracy of payments to/from counterparties and the government, payroll and social insurance payments, as well as accrual and payment of dividends;
  • checking the legality of business operations under contracts signed on the Company’s behalf;
  • auditing assets and other Company resources for efficient use, identifying causes of downtime and overhead costs;
  • auditing compliance with improvement orders to address the gaps identified by the Audit Commission;
  • auditing business-related resolutions adopted by the Chief Executive Officer — Chairman of the Management Board, the Board of Directors and the Management Board of the Company for compliance with Russian Railways Charter and resolutions of the General Meeting of Shareholders;
  • providing recommendations to the Board of Directors and the Management Board of the Company on preparing and adjusting the Company’s budgets;
  • other matters under its purview as per the Federal Law on Joint Stock Companies, the Company’s Charter and the Regulation on the Audit Commission.

Members of the Audit Commission

The Audit Commission of Russian Railways consisted of seven people in 2019Appointed in accordance with Order No. 1393-r of the Russian Government dated 29 June 2019.. Members of the Audit Commission in 2019:

  1. Alexander Tikhonov (Chairman)
  2. Igor Belikov
  3. Alexander Varvarin
  4. Svetlana Gorbatykh
  5. Olga Kabanova
  6. Sergey Ubugunov
  7. Vasily Shipilov

The remuneration of the Audit CommissionAs per Order No. 1393-r of the Russian Government dated 29 June 2019. amounts to RUB 7.3 m.