Audit Commission of PJSC “Magnit” is a permanent elected internal control body. The Commission reports to the General Meeting of Shareholders and acts in the interests of the shareholders.
The main job of the Audit Commission is to verify compliance with legislative and other acts governing the Company’s activities and the legality of transactions. The three-member Audit Commission is elected at the Annual General Meeting of Shareholders of PJSC “Magnit”, which determines its members for the period until the next Annual General Meeting of Shareholders.
The Company’s Audit Commission performs the following actions in matters concerning internal control and risk management:
- timely communicates the results of checks (audits) in the form of an opinion or statement to the Company’s General Meeting of Shareholders, Board of Directors, and executive bodies;
- provides an assessment of the reliability of the data comprising the Company’s annual report contained in the Company’s annual financial statements;
- requests the convocation of meetings of the Board of Directors, meetings of the Management Board, or an Extraordinary General Meeting of the Company’s Shareholders in cases when violations found in financial and economic activities or a real threat to the Company’s interests require the resolution of issues that fall within the purview of these management bodies of the Company;
- records violations of regulatory legal acts or the Company’s charter, regulations, rules, or instructions by the Company’s employees and officials;
- conducts an audit of the Company’s financial and economic activities based on the Company’s activities for the year and also at any time based on the initiative of the persons cited in the Federal Law “On Joint-Stock Companies”, the charter, or the Regulation on the Company’s Audit Commission.
The following members of the Audit Commission were elected at the Annual General Meeting of the Company’s Shareholders on June 21, 2018:
- Roman Efimenko;
- Irina Tsyplenkova;
- Alexey Neronov.
The members of the Audit Commission were not paid remuneration and did not have any expenses reimbursed in 2018.
Audit Committee of the Board of Directors
The Audit Committee plays an important role in monitoring the completeness, accuracy, and reliability of financial reporting, the effectiveness of the risk management and internal control systems, and ensuring the independence of internal and external audits.
The Committee is a collective advisory body that operates under the Board of Directors. The Committee’s main task is to facilitate the effective performance of the functions of the Board of Directors in matters concerning the monitoring of the Company’s financial and economic activities.
The functions and members of the Audit Committee of the Board of Directors are published on page of this report.