Another Recognition of TATNEFT's Information Transparency
OREANDA-NEWS. According to the results of the monthly transparency rating of the Russian Fuel and Energy Complex companies in March 2016 TATNEFT Company ranked No. 2 in the TOP 10 list of the largest oil and gas industry companies with the highest level of the information transparency.
Improving information transparency is an important factor of the Company's business stability. The ranking, compiled by the Agency for Political and Economic Communications (APEC), in addition to the information about production and social activities of PJSC TATNEFT was influenced by disclosure of the information presented during the Board of Directors meeting held in March of the current year where the results of the Company’s budget execution for two months of 2016 were announced and the budget for April and the second quarter was approved. The Board of Directors also considered the issues relating to designation of the audit firm to audit the Company’s financial statements in accordance with IFRS and RAS for 2016 for the Annual General Meeting of Shareholders.
To determine the transparency rating of the Russian Fuel and Energy Complex companies the Agency for Political and Economic Communications (APEC) had performed a survey with involvement of 25 renowned experts: economists, political scientists, analysts and journalists. The evaluation had been performed for 75 largest companies representing nuclear power, gas, oil and coal mining industries, as well as transportation of crude oil and petroleum products and electricity.
Each expert assessed the information transparency level of the companies with subsequent determination of the arithmetic means of the experts' assessments (grade point average).