The PresidentThe Company’s sole executive body. and the Management BoardThe Company’s collective executive body. of Transneft bear the responsibility for managing the Company’s day-to-day operations and ensuring that the Company’s objectives and development strategy are effectively implemented. The area of competence of the executive bodies does not include issues falling within the competence of the General Meeting of Shareholders and the Board of Directors.
The President of Transneft is responsible for day-today management of the Company and is the Chairman of the Management Board. Nikolay Tokarev has been the President of Transneft since the first electionBy resolution of the Extraordinary General Meeting of Shareholders (formalised by Order of the Federal Agency for State Property Management No. 3264-r dated 12 October 2007).. In 2015, powers of Nikolay Tokarev were extended for a period of five yearsBy resolution of the Extraordinary General Meeting of Shareholders of Transneft (formalised by Order of the Federal Agency for State Property Management No. 264-r dated 24 April 2015)..
It is the competence of the President (Chairman of the Management Board):
- To make all and any transactions on behalf of the Company including those subject to approval by the General Meeting of Shareholders, the Board of Directors and/or the Management Board in accordance with laws and/or the Company’s Articles of Association
- To organise the work of the Management Board, convene meetings and act as the chairman, monitor the implementation of decisions of the Management Board
- To carry out day-to-day management of the Company’s operations in accordance with the resolutions of the General Meeting of Shareholders and the Board of Directors
- To submit proposals to the Board of Directors regarding the appointment or dismissal of members of the Management Board
- To arrange for and convene meetings of the Management Board
- To approve the list of essential Transneft subsidiaries based on the criteria established by the Board of Directors
- To determine the Company’s position with regard to issues concerning specific Transneft subsidiaries
- To make decisions on any issues other than those within the competence of the General Meeting of Shareholders, the Board of Directors and the Management Board.