Meeting of the Board of Directors of Tatneft
On 28 February 2020 the Board of Directors meeting chaired by the President of Tatarstan R.N. Minnikhanov was held in Kazan
The results of execution of the budget for January were considered and the budget for March 2020 was approved.
The management reported to the Board of Directors on the financing of the investment program in 2019. The largest share of investments (74.1%) was allocated towards the most capital-intensive business streams: exploration and production of crude oil, including highly viscous oil, and downstream. Compared to 2018, Tatneft Group increased financing of investments by 33.5%, including with a view of diversification and expansion of the tire business (the acquisition of synthetic rubber production facilities in Togliatti) as well as the expansion of retail business of the Company (the acquisition from Neste of its retail gas stations network in Russia). Excluding the acquisition of existing assets, the total amount of funds allocated towards the investment program was around 110 billion Rubles. The addition of assets resulting from the investment activities will be reflected in the financial statements for 2019. The Board of Directors also considered the parameters of the investment program for 2020 contributing to the implementation of the Company's Strategy 2030.
Participants of the meeting considered actions of Tatneft Group in connection with the challenges associated with climate change and contribution of the Company towards the achievement of the UN Global Compact Sustainable Development Goals. The company's efforts on that front are primarily focused on the development of professional competencies. The Company is launching a set of educational programs including studying the most successful global practices, developing its own specialists at the master's level and introducing dedicated programs. Significant attention is devoted to the development of responsibility for the protection of environment - rational consumption corporate model, development of positive environmental thinking as well as the expansion of green initiatives. The next stage will be the development of a motivation system associated with reaching sustainable development goals and limiting anthropogenic impact on the climate.
The Board of Directors discussed the composition of Tatneft's Management Council and resolved to relieve E.A. Tikhturov and N.G. Ibragimov of their duties due to their retirement.
The date and place of the annual general shareholders meeting for 2019 were set by the Board. The AGM will take place on 26 June 2020 in Neftche Cultural Center in the City of Almetyevsk.
The Board discussed other items on the agenda.
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