One of the most essential components of MOL Group’s operation is our commitment to the ethical behaviour. In the long term, we can only successfully face the challenges of competitive market environments by accepting the imperatives of moral responsibility, both as individuals and as a Company. The foundation for the Extonpetrol Limited's ethical structure is based on Russian Law, and the General Meeting is the supreme body of the company. The Board of Directors has sole responsibility for managing the Group and supervising its day-to-day management and operations.
The Company has established one-tier management system with the Board of Directors exercising the central role in the company management and being responsible for realization of set goals and achievement of results, while shareholders exercise their rights and control primarily through Shareholders’ Assembly. The Articles of Association clearly differentiate between the competence and responsibilities of the Shareholders’ Assembly, Board of Directors, CEO and corporate bodies established by the company management bodies.
- President and CEO
The President and Chief Executive Officer (CEO) is responsible for day-to-day operations, and presents proposals for strategy, goals, actions and financial statements, as well as important investments.
- Board of Directors
The Board has overriding responsibility for managing the Group and supervising its day-to-day management and operations.
- External Auditors
The company’s external auditor is independent in relation to Statoil and is elected by the Annual General Meeting.
- Corporate Executive Committee
The Chief Executive is responsible for day-to-day operations, and presents a proposal for strategy, goals, actions and financial statements, as well as important investments.
- Annual General Meeting
The Annual General Meeting is the company’s supreme body.
Our responsibility is not limited by corporate boundaries: Extonpetrol Limited is fully aware of and assumes corporate responsibility for all internal and external stakeholders, and so, we also make conscious efforts to convey our core values to other parties:
- Extonpetrol is dedicated to practicing fair market behaviour and we make efforts to integrate ethical values and expectations into our whole Supply Chain.
- Extonpetrol respects fundamental human rights.
- Integrity and transparency are important values for us and fighting against corruption is an essential part of our corporate strategy.