Good governance involves the clarity of roles and responsibilities, and the proper utilization of distinct skills and processes.
The Board of Directors provides strategic managing of Imperial’s activity. The Board focuses on activities for delivery of strong, sustainable operating and financial performance. In order to accomplish its objectives, the Board directs and monitors the Group’s affairs on an ongoing basis. It provides the Company with its overall strategic direction, ensures that the Company has the necessary financial and human resources in place, monitors performance of the Company and its management on an ongoing basis and adheres to strong corporate governance practices.
Principles of corporate governance of Imperial Energy comply with worldwide standards and international experience of OVL:
- Principle of openness and transparence of management: open communication of management and employees of Imperial Energy with regard to different issues of company’s activity are in common practice. Employees of Imperial Energy participate in planning and management of work carried out by them;
- Cross-cultural interaction: OVL and its subsidiaries are multinational companies and cultures and lifestyles of different countries are always taken into consideration. In Imperial Energy, just as in its parent company, cooperation of Russian and foreign specialists has been established across all the levels;
- International HSE standards: personnel of Imperial Energy is the key element of implementation of company’s strategy. Imperial provides social guarantees, good work and rest conditions, and observance of legal requirements for social security of its employees. The Company invests in operational safety and observance of international environmental standards;
- Support of domestic economy: Imperial Energy team is represented by Russian specialists at all the levels. For execution of its operational activity the Company involves Russian contractors and suppliers of Russian goods.