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Corporate Governance System

Corporate governance at PJSC Aeroflot is exercised by the General Meeting of Shareholders, the Board of Directors, the Management Board, and the Chief Executive Officer. The responsibilities of PJSC Aeroflot’s Corporate Secretary are vested in the Executive Secretary of the Board of Directors, also holding the position of Director of PJSC Aeroflot’s Corporate Governance Department.

The Revision Committee supervises the financial and business operations of the Company, its units and services. To ensure reliability and transparency of its financial statements prepared under both the Russian Accounting Standards and the International Financial Reporting Standards, PJSC Aeroflot regularly engages external auditors. The Internal Audit Department accountable to the Audit Committee of PJSC Aeroflot’s Board of Directors also audits the Company’s financial and operational activities.

Key documents ensuring protection of PJSC Aeroflot shareholder rights include:

  • Articles of Association
  • Regulations on the General Meeting of Shareholders
  • Regulations on the Board of Directors
  • Regulations on the Management Board
  • Regulations on the Revision Committee
  • Corporate Governance Code
  • Regulations on the Corporate Information Policy
  • Dividend Policy
  • Corporate Conduct Code.

PJSC Aeroflot controls interests in (holds shares in the charter capital of) a number of subsidiaries, including airlines, where PJSC Aeroflot also ensures compliance with the top standards of corporate governance by developing and implementing Group-wide policies and principles. The Company has in place a cross-functional governance system for its aviation subsidiaries.

To ensure supervision over financial and business activities of its subsidiary airlines, the Group enabled each of them to have a dedicated revision committee made up of PJSC Aeroflot’s representatives. In addition to inspections by revision committees, the airlines are subject to inspections by an auditor approved pursuant to the relevant bidding procedures.

In accordance with the applicable laws and their articles of association, each subsidiary airline developed and adopted dedicated internal documents stipulating the responsibilities of its governing bodies.

PJSC Aeroflot’s corporate governance structure



Core principles of PJSC Aeroflot’s corporate governance system:

  • Protection of shareholder rights
  • Fair and equal treatment of all shareholders in exercising their rights
  • Preventing shareholders from abusing their rights, inflicting damage to the Company and other shareholders
  • Efficient distribution of roles and powers among the Company’s governing bodies
  • Expertise, responsibility and accountability of the Board of Directors and executive bodies
  • Establishing an efficient internal control and risk management system
  • Ensuring transparency and openness of the Company’s business
  • Taking material corporate actions on fair terms ensuring that the rights and interests of shareholders and other stakeholders are upheld
  • Compliance with ethical norms and social responsibility standards when doing business.

Compliance with the Russian Corporate Governance Code

Code section Principles recommended by the Code Complied with Partially complied with Not complied with
Shareholder Rights 13 13
Board of Directors 36 26 6 4
Corporate Secretary 2 2
Remuneration System 10 9 1
Risk Management System 6 6
Information Disclosure 7 7
Material Corporate Actions 5 4 1
TOTAL 79 67 8 4


PJSC Aeroflot’s corporate governance principles and procedures are set out in its Articles of Association and other internal documents. The Corporate Governance Code of PJSC Aeroflot summarises and systematises the Company’s corporate governance practice.

The experts noted, inter alia, the following positive developments:

  • Extension of the period for publishing information about an upcoming General Meeting of Shareholders to 30 days
  • Expansion of the list of additional information to be provided to persons entitled to participate in General Meetings of Shareholders
  • Expansion of the scope of the Board of Director’s authority to include approving internal documents and ensuring functional accountability to the Board of Directors of the Company’s business unit responsible for organising and conducting internal audits.

7++

In 2019, the Russian Institute of Directors confirmed PJSC Aeroflot’s corporate governance rating at 7++, Advanced Corporate Management Practices, according to the new National Corporate Governance Rating scale.

General Meeting of Shareholders

The General Meeting of Shareholders is PJSC Aeroflot’s supreme governing body responsible for matters most crucial to the Company. The respective scope of authority and procedures for convening, holding and summarising General Meetings of Shareholders are set forth in PJSC Aeroflot’s Articles of Association and Regulations on the General Meeting of Shareholders. The Annual General Meeting of Shareholders is held annually no earlier than three months and no later than six months after the end of the fiscal year.

Materials required in preparation for General Meetings of Shareholders are published on the Company’s website in compliance with the majority of recommendations of the Corporate Governance Code to providing shareholders with additional materials in preparation for meetings. The Company’s internal documents stipulate that shareholders may put questions to members of governing and control bodies during the General Meeting, along with the rules for answering such questions. The results of the General Meeting of Shareholders are announced at the meeting.

Annual General Meeting of Shareholders on 25 June 2019

In 2019, PJSC Aeroflot convened the Annual General Meeting of Shareholders in Moscow on 25 June (Minutes No. 44 dated 26 June 2019). The meeting was attended by holders of 64.1% of PJSC Aeroflot’s total share capital.

The Annual General Meeting of Shareholders approved the Annual Report, 2018 accounting (financial) statements, the distribution of the net profit for FY2018, and the distribution of prior period retained earnings. The Annual General Meeting of Shareholders also approved the remunerations of members of the Board of Directors and Revision Committee, as recommended by the Board of Directors.

New Board of Directors and Revision Committee were elected. The Company’s auditor for 2019 (to audit the statements prepared under the Russian Accounting Standards and International Financial Reporting Standards) was selected.

New versions of the following internal documents of PJSC Aeroflot were approved: Articles of Association, Regulations on the General Meeting of Shareholders, Regulations on the Board of Directors, Regulations on Remuneration and Compensations Payable to Members of the Board of Directors, and Regulations on the Management Board.

The General Meeting of Shareholders also approved a number of interested party transactions (including one major transaction), as well as amendments to the terms of an interested party transaction (a series of related transactions). PJSC Aeroflot’s participation in the Digital Transportation and Logistics Association was approved.

The Annual General Meeting of Shareholders of PJSC Aeroflot approved a dividend of RUB 2.6877 per ordinary share for FY2018, with total dividend payments of RUB 2,856,500,000 (50% of Aeroflot Group’s net profit under the IFRS).

Board of Directors

The Board of Directors acts as the Company’s supreme governing body between General Meetings of Shareholders. The Board of Directors is responsible for the general management of the Company’s operations, excluding matters reserved to the General Meeting of Shareholders, Management Board and Chief Executive Officer.

Board activities are guided by Russian regulations, the Articles of Association of PJSC Aeroflot, resolutions passed by General Meetings of Shareholders, and the Regulations on the Board of Directors of PJSC Aeroflot.

The Board’s key focus areas include the Company’s long-term sustainable development, effective oversight of its executive bodies, uncompromising observance and protection of shareholder rights and legitimate interests.

In line with the Board of Directors’ activities plans, the Board meetings are held at least once a month. The Board of Directors’ activities plan for the corporate year is approved at the first meeting of the new Board. As a rule, the activities plan includes essential matters concerning the Company’s operations (strategy, finance, budget and risks, human resources, etc.), which are to be discussed in line with the strategic and business planning cycle. Proposals made by members of the Board of Directors and the Company’s management are factored in. Extraordinary meetings may be convened to make decisions on urgent matters.

The agenda of the Board of Directors’ meetings must include items proposed for discussion by shareholders who in aggregate hold at least 2% of shares, members of the Board of Directors and Revision Committee, the Management Board, the Company’s auditor, and the CEO.

All items on the agenda of the Board meetings are generally previewed by dedicated committees to enable a more detailed discussion and prepare recommendations for voting to the Board of Directors.

The Board meetings held in absentia consider matters on which members of the Board of Directors do not have any material comments, as well as matters of procedure. However, a matter may be moved to the agenda of a meeting held in person upon request of two members of the Board of Directors.

In their work, the Company’s Board of Directors and its Committees use tablets with the dedicated software developed in Russia (the Board of Directors application). The platform allows directors to study materials for meetings in a prompt manner and have access to the Board of Directors’ earlier materials and resolutions.

The main objectives of the Board of Directors

  • define the core areas of business for the Company (including subsidiary airlines) to increase its operating profit
  • operate for the benefit of shareholders, supervise the implementation of corporate initiatives
  • supervise the activities of the Company’s Management Board and Chief Executive Officer
  • present resolutions on matters within the authority of the General Meeting of Shareholders for approval by shareholders
  • discuss and approve business plans
  • determine the procedure for distributing profit
  • develop the Company’s dividend policy, work out proposals on the amount of dividend on Company shares and dividend payout procedure, and present them for approval by the General Meeting of Shareholders
  • approve the annual budget and monitor its performance
  • discuss and pre-approve draft annual reports, annual accounting statements, and profit and loss statements
  • analyse audit reports and opinions of the Revision Committee, and present documents featuring the results of such audits for consideration by the Company’s shareholders
  • approve the Company’s special registrar and the terms and conditions of the contract therewith, as well as the contract termination.

Chairman of the Board of Directors

  • is responsible for the general stewardship of the Board of Directors, convenes and chairs meetings, arranges for keeping the minutes of meetings, chairs the General Meeting of Shareholders
  • helps ensure the timely provision to members of the Board of Directors of all the information required to pass resolutions and vote on agenda items
  • ensures productive discussion of agenda items involving non-executive and independent directors
  • controls the implementation of resolutions passed by the Board of Directors and General Meeting of Shareholders.

Independent directors

Independent directors promote opinions and judgements unaffected by relations with the Company’s shareholders or executive bodies, as well as decision-making which benefits different shareholder groups.

The presence of independent directors enhances corporate governance at the Company. Independent members of the Board of Directors are actively involved in the activities of the Board Committees. In accordance with the requirements of the Moscow Exchange, independent directors head the Board of Directors’ Audit Committee and Personnel and Remuneration Committee. The majority of members of the Board of Directors’ Committees are also independent directors, which helps achieve a balanced and independent position on agenda items.

In the reporting period, Maxim Sokolov, a member of the Board of Directors, was recognised as an independent director by resolution of the Board of Directors (Minutes No. 2 dated 8 August 2019). The Board of Directors recognised that Maxim Sokolov’s association with the state, a significant shareholder of PJSC Aeroflot, is formalistic and has no influence on his ability to make independent and objective judgements in good faith. On December 2019, he seized to be independent after he was appointed Vice Governor of Saint Petersburg.

Composition of the Board of Directors

As at 31 December 2019, PJSC Aeroflot’s Board of Directors was comprised of the Chairman (non-executive director), one executive director, seven non-executive directors and two independent directors.

Members of the Board of Directors efficiently performed their functions and tasks throughout 2019 notwithstanding their service on boards of directors of other companies.

In the reporting year, no members of the Company’s Board of Directors purchased, or disposed of, their shares in the Company.

Board of Directors of PJSC Aeroflot in 2019

Until 25 June (elected by resolution of the Extraordinary General Meeting of Shareholders on 23 October 2018) Since 25 June (elected by resolution of the Annual General Meeting of Shareholders on 25 June 2019)
Evgeny Ditrich Evgeny Ditrich
Mikhail Poluboyarinov Mikhail Poluboyarinov
Mikhail Voevodin Alexander Galushka
Igor Kamenskoy Igor Kamenskoy
Roman Pakhomov Maxim Liksutov
Dmitry Peskov Dmitry Peskov
Vitaly Saveliev Vitaly Saveliev
Vasily Sidorov Vasily Sidorov
Yury Slyusar Yury Slyusar
Maxim Sokolov Maxim Sokolov
Sergey Chemezov Sergey Chemezov

Changes in the Board of Directors

The following directors left the Board:

  • Mikhail Voevodin – CEO of VSMPO-AVISMA Corporation
  • Roman Pakhomov – CEO of Avia Capital Service

The following directors were elected to the Board:

  • Alexander Galushka – Counsellor at the International Congress of Industrialists and Entrepreneurs (ICIE)
  • Maxim Liksutov – Deputy Mayor of Moscow at the Moscow Government, Head of the Department for Transport and Road Infrastructure Development of Moscow

Other members of PJSC Aeroflot’s Board of Directors were re-elected.

Membership of the Board of Directors

as at 31 December 2019

Evgeny Ditrich

Chairman of the Board of Directors, Non-Executive Director

Vitaly Saveliev

Chairman of the Management Board, CEO

Mikhail Poluboyarinov

Deputy Chairman of the Board of Directors, Non-Executive Director

Maxim Liksutov

Non-Executive Director




Igor Kamenskoy

Independent Director
Head of the Strategy Committee, member of the Audit Committee and the Personnel and Remuneration Committee of the Board of Directors

Alexander Galushka

Non-Executive Director
Member of the Personnel and Remuneration Committee and the Strategy Committee of the Board of Directors

Dmitry Peskov

Non-Executive Director
Member of the Personnel and Remuneration Committee and the Strategy Committee of the Board of Directors

Vasily Sidorov

Independent Director
Head of the Audit Committee, member of the Personnel and Remuneration Committee and the Strategy Committee of the Board of Directors

Yury Slyusar

Non-Executive Director
Member of the Strategy Committee of the Board of Directors


Maxim Sokolov

Non-Executive Director
Head of the Personnel and Remuneration Committee, member of the Audit Committee and the Strategy Committee of the Board of Directors

Sergey Chemezov

Non-Executive Director




Executive Secretary of the Board of Directors

Alexey Melyokhin

Executive Secretary of the Board of Directors

Board of Directors performance report for 2019

In 2019, PJSC Aeroflot’s Board of Directors held 20 meetings, including 9 in person and 11 in absentia, which addressed over 170 matters and passed about 400 resolutions.

Number of meetings held by the Board of Directors

Directors attendance at Board and Committee meetings in 2019

Member of the Board of Directors Status Board of Directors Audit Committee Personnel and Remuneration Committee Strategy Committee
Evgeny Ditrich Chairman of the Board of Directors 20(11)/20
Mikhail Voevodin* Non-Executive Director 12(10)/12 4(1)/4 7(1)/7
Alexander Galushka** Non-Executive Director 8(3)/8 4(1)/4 4/4
Igor Kamenskoy Independent Director 20(11)/20 12(1)/12 9(2)/9 11(1)/11
Maxim Liksutov** Non-Executive Director 8(4)/8
Roman Pakhomov* Non-Executive Director 12(8)/12 7(1)/7 7(1)/7
Dmitry Peskov Non-Executive Director 20(12)/20 5(2)/5 11(3)/11
Mikhail Poluboyarinov Non-Executive Director 20(12)/20
Vitaly Saveliev Executive Director 20(11)/20
Vasily Sidorov Independent Director 20(11)/20 12(1)/12 9(2)/9 11(1)/11
Yury Slyusar Non-Executive Director 20(14)/20 11(11)/11
Maxim Sokolov Non-Executive Director*** 20(11)/20 5/5 5(1)/5 11(2)/11
Sergey Chemezov Non-Executive Director 20(15)/20
Note. Data format: the number of meetings attended by the member of the Board of Directors/the total number of meetings held in 2019. Attendance through written opinions or questionnaires (for meetings held in absentia) is shown in brackets.
* Member of the Board of Directors until 25 June 2019.
** Member of the Board of Directors since 25 June 2019.
*** Independent director from August to December 2019.

Key matters discussed by the Board of Directors in 2019

  • Flight safety
  • Implementation of Aeroflot Group’s strategy
  • Implementation of Aeroflot Group’s Long-Term Development Programme and KPIs achievement
  • Progress of strategic partnership promotion
  • Implementation of Aeroflot Group’s Innovative Development Programme
  • IT development
  • Implementation of Aeroflot Group’s marketing strategy
  • Customer service enhancement
  • Annual accounting statements, including the income statement
  • Consolidated budget
  • Auditors’ reports following the audit of RAS and IFRS statements
  • Operational KPIs forecast
  • Non-aviation revenues
  • Sponsorship and philanthropy
  • Profit distribution, including dividend payout
  • Procurement
  • Approval of auditors for RAS and IFRS statements
  • Risk management system
  • Review of the Internal Audit Department’s report
  • Review of materials and the opinion of the Revision Committee
  • Shareholder and investor relations
  • Corporate governance at PJSC Aeroflot
  • Performance of the Board of Directors and its Committees
  • Changes in the membership of the Management Board
  • Incentive system
  • Dividends from subsidiaries
  • Preparation for the next Annual General Meeting of Shareholders
  • PJSC Aeroflot Annual Report
  • Remuneration of members of the Board of Directors, its Committees and the Revision Committee
  • Aircraft lease transactions
  • Approval of interested party transactions

In its resolutions, the Board of Directors covers a number of priority areas to:

  • ensure flight safety
  • determine Aeroflot Group’s strategy and identify priority business segments
  • build and maintain effective internal controls and risk management
  • map out a development strategy for Aeroflot Group’s aircraft fleet and route network
  • improve operating, financial and marketing practices through upgrades, innovation and implementation of best practices from global peers
  • improve the performance of Aeroflot’s branches and representative offices both domestically and internationally
  • enforce higher standards for airport and in-flight passenger services, expand the service mix and improve customer experience
  • promote cooperation with SkyTeam partners, use the membership to expand the Company’s route network and boost the international flight performance
  • promote strategic partnerships with airlines across key geographies
  • improve operational performance of subsidiaries and streamline the non-core asset structure to cut unnecessary spending and increase returns on investments
  • develop and upgrade information technologies
  • ensure information transparency, including procurement
  • enhance shareholder and investor relations
  • develop and improve corporate policies.

Committees of the Board of Directors

To improve the effectiveness of resolutions passed by the Board of Directors, ensure more detailed preliminary discussions of the most important matters and prepare relevant recommendations, PJSC Aeroflot has three dedicated Committees of the Board of Directors:

    • Audit Committee
    • Personnel and Remuneration Committee
    • Strategy Committee

The Audit Committee of the Board of Directors supervises the Company’s financial and business operations to protect shareholder interests and ensure the growth of the Company’s assets. Coordinating with the Company’s executive bodies, the Revision Committee and the Internal Audit Department, the Audit Committee prepares and submits for consideration by the Board of Directors recommendations and proposals on relevant matters.

In 2019, the Audit Committee held a total of 12 meetings, including one meeting held in absentia. The Committee’s meeting agendas were compiled in line with the Committee’s activity plan approved by the first post-election meeting, and reflected the instructions of the Board of Directors.

Key matters discussed in 2019:

  • Performance against Aeroflot Group’s consolidated budget targets
  • Aeroflot Group’s and PJSC Aeroflot’s budgets
  • Initiatives to reduce Aeroflot Group’s operating costs
  • Improvement of internal audit at Aeroflot Group
  • Auditors’ reports on the financial and business audit results under RAS and IFRS
  • Reports on audits conducted by the Internal Audit Department
  • Shareholder and investor relations
  • Procurement
  • Transactions related to the aircraft fleet
  • Extending and restructuring of loans
  • Internal documents.

Membership of the Audit Committee (elected by resolution of the Board of Directors on 8 August 2019)

  1. Vasily Sidorov – Head of the Committee, Independent Director
  2. Igor Kamenskoy – Independent Director
  3. Maxim Sokolov – Non-Executive Director (Independent Director until December 2019)

Roman Pakhomov was a member of the Audit Committee until 25 June 2019.

The Personnel and Remuneration Committee promotes the development of the HR policy, supervises matters concerning the Company’s organisational structure, selection and assessment of persons appointed to the Company’s governing bodies, their remuneration, and the remuneration system.

In 2019, the Personnel and Remuneration Committee held a total of 11 meetings, including one meeting held in absentia. The Committee’s meeting agendas were compiled in line with the Committee’s activity plan approved by the first post-election meeting, and reflected the instructions of the Board of Directors.

Key matters discussed in 2019:

  • Remuneration of the Company’s management, members of the Board of Directors and the Revision Committee, Long-Term Incentive Programme, and Long-Term Incentive Programme for members of the Board of Directors
  • CEO and management KPIs
  • Aeroflot Group’s Long-Term Development Programme KPIs
  • The Company’s organisational structure
  • Consideration of proposals and preparation of recommendations on nominees to PJSC Aeroflot’s Board of Directors and Revision Committee representing the interests of the state in 2020/2021 corporate year
  • Assessment of independence of nominees to the Company’s Board of Directors against the relevant criteria
  • Internal documents.

Membership of the Audit Committee (elected by resolution of the Board of Directors on 8 August 2019)

  1. Maxim Sokolov – Head of the Committee, Non-Executive Director (Independent Director until December 2019)
  2. Igor Kamenskoy – Independent Director
  3. Vasily Sidorov – Independent Director
  4. Alexander Galushka – Non-Executive Director
  5. Dmitry Peskov – Non-Executive Director

Mikhail Voevodin was a member of the Personnel and Remuneration Committee until 25 June 2019.

The Strategy Committee was set up to prepare recommendations and proposals to the Board of Directors, enhancing the Company’s performance and improving its long-term strategy.

In 2019, the Strategy Committee held a total of 11 meetings, including one meeting held in absentia. The Committee’s meeting agendas were compiled in line with the Committee’s activity plan approved by the first post-election meeting, and reflected the instructions of the Board of Directors.

Key matters discussed in 2019:

  • Implementation and update of Aeroflot Group’s Long-Term Development Programme
  • Implementation of Aeroflot Group’s marketing strategy
  • IT development strategy
  • Development of subsidiary airlines
  • Results of Aeroflot Group’s Innovative Development Programme
  • Aircraft fleet expansion
  • Internal documents.

Membership of the Audit Committee (elected by resolution of the Board of Directors on 8 August 2019)

  1. Igor Kamenskoy – Head of the Committee, Independent Director
  2. Maxim Sokolov – Non-Executive Director (Independent Director until December 2019)
  3. Vasily Sidorov – Independent Director
  4. Dmitry Peskov – Non-Executive Director
  5. Alexander Galushka – Non-Executive Director
  6. Yury Slyusar – Non-Executive Director
  7. Andrey Panov – Deputy CEO for Strategy, Service and Marketing
  8. Andrey Chikhanchin – member of the Management Board, Deputy CEO for Commerce and Finance
  9. Roman Pakhomov – CEO of Avia Capital Services
  10. Evgeny Stolyarov – Director of the Property Relations and Territorial Planning Department at the Ministry of Transport of the Russian Federation

Mikhail Voevodin, a member of the Board of Directors, and Vadim Zingman, Deputy CEO for Customer Relations, were members of the Strategy Committee until 25 June and 8 August 2019, respectively.

Management Board and CEO

PJSC Aeroflot’s sole executive body, the CEO, and collective executive body, the Management Board, are charged with running the Company’s day-to-day operations. The executive bodies report directly to the Board of Directors and the General Meeting of Shareholders.

The CEO also acts as the Chairman of the Management Board and represents the interests of the Company without power of attorney, acting in compliance with PJSC Aeroflot’s Articles of Association. The CEO is elected by the Board of Directors for a maximum term of five years.

Vitaly Saveliev has been PJSC Aeroflot’s CEO since April 2009; in August 2018, the Board of Directors resolved to extend his term of office until 2023.

The Board of Directors is authorised to appoint members of the Management Board and remove them from office before the end of their term. The Management Board acts in compliance with PJSC Aeroflot’s Articles of Association and Regulations on the Management Board of PJSC Aeroflot.

The scope of authority of PJSC Aeroflot’s executive bodies covers all matters pertaining to management of the Company’s day-to-day operations, except for those reserved to the General Meeting of Shareholders or the Board of Directors.

Changes in the membership of PJSC Aeroflot’s Management Board in the reporting period were as follows:

  • Vadim Zingman, Deputy CEO for Customer Relations, left the Management Board on 8 August 2019
  • The size of the Management Board was reduced to nine members

In the reporting period, members of the Management Board did not enter into transactions with PJSC Aeroflot shares.

Membership of the Management Board

as at 31 December 2019

Vitaly Saveliev

Chairman of the Management Board, CEO

Vladimir Antonov

First Deputy CEO for Operations

Vasily Avilov

Deputy CEO for Administrative Management

Vladimir Aleksandrov

Deputy CEO for Legal and Property Matters

Kirill Bogdanov

Deputy CEO for Information Technologies

Georgy Matveev

Director of Safety Management

Igor Parakhin

Deputy CEO – Technical Director

Igor Chalik

Deputy CEO – Commander of Flight Operations

Andrey Chikhanchin

Deputy CEO for Commerce and Finance

Management Board report for 2019

To develop recommendations and proposals for the Management Board aimed at boosting the Company’s performance, PJSC Aeroflot has in place a number of collective advisory bodies:

  • The Committeefor Finance and Investments is responsible for planning and rational use of financial resources, including budgeting, investments, M&A transactions, and risk management
  • The Committee for Innovative Developmentis responsible for implementation and evaluation of innovative solutions and intellectual property rights management
  • The Committee for Digital Technologies is responsible for analysis of strategic areas and projects related to digital technologies, including data security projects
  • The Committee for Revenue Contracts is responsible for ensuring the economic efficiency of new revenue contracts (agency agreements for ticket sales)

In 2019, the Management Board of PJSC Aeroflot held a total of 40 meetings, including 17 meetings in absentia, and discussed over 300 matters related to the Company’s day-to-day operations, including:

  • flight safety
  • route network expansion
  • fleet development
  • IT development
  • customer service enhancement
  • on-time performance
  • implementation of the Growth Strategy, Long-Term Development Programme, and Innovative Development Programme
  • Aeroflot Group’s consolidated budget
  • charitable support for a number of institutions
  • sponsorship and cooperation initiatives.

Remuneration of members of the Board of Directors and the management

The Company has in place a structured remuneration system for members of the governing bodies designed to link the remuneration amount to the achievement of short-term targets, and align the long-term interests of the Company’s shareholders and management. Short-term incentive is provided in the form of quarterly and annual bonuses while long-term incentive implies payments based on the achievement of the Company’s strategic goals in line with current long-term incentive programmes for members of the Board of Directors and the Company’s management.

Remuneration of members of the Board of Directors

Guidelines for Board remuneration calculation and payouts are set forth in the Regulations on Remuneration and Compensations Payable to Members of the Board of Directors of PJSC Aeroflot, developed in line with the Federal Law On Joint Stock Companies, other applicable regulations of the Russian Federation, and the Company’s internal documents. The Regulations were approved by PJSC Aeroflot’s General Meeting of Shareholders on 25 June 2019.

The Board remuneration system comprises a fixed component and the Long-Term Incentive Programme (a variable component). The size of the fixed component depends on the involvement of members of PJSC Aeroflot’s Board of Directors in the activities of the Board and its committees, and includes the fixed base pay and additional payments for discharging extra duties. The variable remuneration component is directly linked to the achievement of the Company’s strategic goals and delivery on targets set by Aeroflot Group’s Strategy 2023 and Aeroflot Group’s Long-Term Development Programme for 2019–2023.

The Long-Term Incentive Programme for members of PJSC Aeroflot’s Board of Directors for the period from 1 January 2019 to 31 December 2020 is aimed at aligning the interests of the Company and its shareholders with the interests of Board members by entitling Board members participating in the Long-Term Incentive Programme to a bonus linked directly to the achievement of strategic targets and delivery on targets set by Aeroflot Group’s Strategy 2023 and Aeroflot Group’s Long-Term Development Programme for 2019–2023.

The Long-Term Incentive Programme for 2019–2020 is based on reaching the target levels across the following indicators:

  • Aeroflot Group’s passenger traffic
  • The share of international transfer traffic in Aeroflot Group’s total passenger traffic
  • Aeroflot Group’s RASK.

The Long-Term Incentive Programme covers two periods:

  • The interim period – one calendar year, from 1 January to 31 December 2019
  • The period of the Long-Term Incentive Programme – two calendar years from 1 January 2019 to 31 December 2020.

Remuneration procedure:

  • 2/3 of the remuneration for the interim period are paid out no later than 30 days after the General Meeting of Shareholders that resolved to pay the remuneration
  • 1/3 is set aside until the end of the Long-Term Incentive Programme and is included in the final payment under the Long-Term Incentive Programme determined based on the achievement of targets set by the Long-Term Incentive Programme at the end of the Long-Term Incentive Programme’s period.

Management remuneration

The remuneration system designed for the management and the other staff enables the Company to engage and retain highly qualified professionals. Remuneration for the management is comprised of the fixed component (basic salary) and the variable component (current bonuses and long-term incentives).

Current bonuses depend on the Group-wide performance and are calculated in accordance with the Company’s KPI-based employee bonus system. The KPI-based employee bonus system is formalised by the Regulations on Bonus Payments to the Managers and Specialists of PJSC Aeroflot. The Regulations stipulate that the bonus component of the management compensation amount shall depend on their quarterly and annual performance against the KPIs approved for the relevant reporting period.

To provide long-term incentives for PJSC Aeroflot’s management, the Long-Term Incentive Programme for 2019–2020 was approved by the Board of Directors on 28 November 2019. The Programme covers the CEO, members of the Management Board, Deputy CEOs, department heads, Chief Accountant, and other employees of the Company, as resolved by the CEO.

The 2019–2020 Long-Term Management Incentive Programme draws on the following underlying metrics: Aeroflot Group’s passenger traffic; the share of international transfer traffic in Aeroflot Group’s total passenger traffic; development of regional traffic.

The Long-Term Incentive Programme covers two periods:

  • The interim period – one calendar year, from 1 January to 31 December 2019
  • The period of the Long-Term Incentive Programme – two calendar years from 1 January 2019 to 31 December 2020.

Remuneration procedure:

  • 2/3 of the remuneration for the interim period are paid out no later than 60 days after the Board of Directors approves the Company’s interim results
  • 1/3 is set aside until the end of the Long-Term Incentive Programme and is included in the final payment under the Long-Term Incentive Programme determined based on the achievement of targets set by the Long-Term Incentive Programme at the end of the Long-Term Incentive Programme’s period.

Remuneration paid to members of PJSC Aeroflot’s Management Board in 2019

Remuneration of the Board of Directors and the Management Board in 2019

On 25 June 2019, the Annual General Meeting of Shareholders resolved to approve the amount of remuneration payable to members of PJSC Aeroflot’s Board of Directors.

Remuneration payable to members of PJSC Aeroflot’s Board of Directors following the completion of the Long-Term Incentive Programme for the period from 1 January 2016 to 30 September 2018 totalled RUB 186,381,100.

The amount of individual fixed remuneration payable to members of PJSC Aeroflot’s Board of Directors under the Regulations on Remuneration and Compensations Payable to Members of the Board of Directors of PJSC Aeroflot for the period from 1 July 2018 to 30 June 2019 totalled RUB 76,198,909.

The remuneration (salary, additional compensations, and bonuses) paid to members of PJSC Aeroflot’s Management Board in 2019 totalled RUB 675,142,648 (in 2018, the remuneration totalled RUB 1,428,162,020, including payments under the profit-sharing plan, unavailable in the reporting period).

Remuneration paid to members of PJSC Aeroflot’s Management Board in 2019

Remuneration type Amount, RUB
Salary and additional compensations 434,388,747
Bonuses 240,753,901
TOTAL 675,142,648

Remuneration of members of PJSC Aeroflot’s Board of Directors for the period from 1 July 2018 to 30 June 2019

Member of the Board of Directors Amount, RUB
Lars Erik Bergstrom 2,436,000
Mikhail Voevodin 8,400,000
Alexey Germanovich 2,436,000
Igor Kamenskoy 10,380,000
Dmitry Peskov 7,596,000
Evgeny Ditrich Not applicable
Mikhail Poluboyarinov 7,080,000
Vitaly Saveliev Not applicable
Roman Pakhomov 9,144,000
Vasily Sidorov 10,380,000
Maxim Sokolov 5,256,000
Yury Slyusar 7,090,909
Sergey Chemezov 6,000,000
Total 76,198,909

Directors and officers liability insurance

As part of its efforts to provide insurance protection, PJSC Aeroflot has signed an agreement for liability insurance of the Company’s directors and officers, as well as representatives of PJSC Aeroflot serving on governing bodies of its subsidiaries, providing for reimbursement for loss caused to third parties, arising from claims filed by third parties against the insured due to their wrongful acts committed in their management roles. A securities claim filed against the Company also constitutes an insured event.

Internal control and audit

Aeroflot Group has a centralised internal audit function headed by the Director of the Internal Audit Department who functionally reports to PJSC Aeroflot’s Board of Directors and its Audit Committee.

The Company’s controlled entities either rely for internal audit on PJSC Aeroflot’s Internal Audit Department or have their own internal audit unit or a permanent internal auditor, depending on the scale of their business and related risks. Heads of such units and internal auditors of the controlled entities functionally report to the Director of the Internal Audit Department of PJSC Aeroflot.

The internal control systems are designed to maximise Aeroflot Group’s transparency, economic efficiency and compliance with applicable laws in all aspects of operations.

Audit Committee and its role

The Audit Committee of PJSC Aeroflot’s Board of Directors is intended to enhance supervision over financial and business operations to optimise capital expenditure, protect shareholder interests and support the growth of Aeroflot Group’s assets.

Coordinating with PJSC Aeroflot’s executive bodies, the Revision Committee and the Internal Audit Department, the Audit Committee prepares and submits for consideration by the Board of Directors recommendations and proposals to:

  • develop and ensure the implementation of the business plan
  • establish and ensure compliance with effective internal controls
  • ensure effective and transparent governance at Aeroflot Group, including prevention and termination of abuse by executive bodies and officers
  • prevent, identify and control conditions giving rise to financial and operational risks
  • ensure fairness of financial data used or disclosed by PJSC Aeroflot
  • other matters, as may be resolved by PJSC Aeroflot’s Board of Directors.

PJSC Aeroflot’s Board of Directors approves internal documents regulating its general policy on risk management and internal controls and establishes the principles of, and approaches to, the risk management and internal control system in Aeroflot Group.

Risk management and internal control systems performance assessment is regularly discussed by the Audit Committee of the Board of Directors based on the reports by the Company’s Internal Audit Department. When conducting audits, the Internal Audit Department draws conclusions on the performance of the risk management and internal control systems for each audited entity. To make risk management across PJSC Aeroflot’s key business processes more effective, reports on the Company’s key risks are submitted to the Audit Committee of the Board of Directors on a monthly basis.

Hotline

PJSC Aeroflot has the Hotline, a corporate vehicle of confidential reporting to the Board of Directors (its Audit Committee). The Hotline operates on a confidential and anonymous basis.

The Hotline is used to:

  • report violations of applicable laws or Aeroflot Group’s executive documents and regulations on insider information and antifraud and anti-corruption policies by any employee and/or any member of the governing bodies or the body that supervises Aeroflot Group’s financial and business operations
  • report violations of the Corporate Conduct Code of PJSC Aeroflot
  • make proposals on the improvement of internal controls (including anti-corruption procedures).

The Hotline is supported by the Internal Audit Department which accumulates and processes the reports, conducts investigations and inspections, with expert support where necessary, reviews proposals for improving internal control procedures, involving other business units if needed, informs the stakeholders about the investigation and inspection outcomes and prepares consolidated reports for the Audit Committee of the Board of Directors and the CEO of PJSC Aeroflot.

A report on these matters can be submitted through the Feedback section of the Company website aeroflot.ru/feedback

A total of 373 Hotline reports were reviewed by the Internal Audit Department in 2019. Where required, internal investigations were conducted and measures taken to prevent offences and enhance Aeroflot Group’s internal controls.

Internal and external audit performance assessment by the Audit Committee in 2019

The Internal Audit Department regularly reports to the Audit Committee of PJSC Aeroflot’s Board of Directors on the progress under its activities plan, audits conducted, execution of the Department’s recommendations and operation of the Hotline.

The Audit Committee reviews, on an annual basis, the results of external audit of PJSC Aeroflot’s accounting (financial) statements prepared under the RAS, and, on a quarterly basis, of the consolidated financial statements prepared under the IFRS.

Internal Audit Department

The Internal Audit Department is an independent business unit established to provide PJSC Aeroflot’s governing bodies with independent and reliable assurance and advice to enhance the operations of PJSC Aeroflot and Aeroflot Group companies by applying a holistic and consistent approach to the assessment and improvement of risk management, internal control and corporate governance processes performance.

Aeroflot Group ensures independence and objectivity of its internal audit by managing its reporting lines: the Director of the Internal Audit Department functionally reports to PJSC Aeroflot’s Board of Directors and its Audit Committee, and administratively reports to PJSC Aeroflot’s CEO.

In its activities, the Department is guided by the International Standards for the Professional Practice of Internal Auditing and the underlying principles of independence, objectivity, proficiency and professional care. The purpose of the Internal Audit Department is to support the economic efficiency and effectiveness of PJSC Aeroflot, achievement of financial and operational targets, asset integrity, fair presentation of information on the Company’s financial and business operations and compliance with applicable laws.

PJSC Aeroflot carried out the following initiatives in 2019 to optimise auditing and ensure compliance with the International Standards for the Professional Practice of Internal Auditing:

  • Developed and obtained approval by the Audit Committee of PJSC Aeroflot’s Board of Directors of Internal Audit Department’s Development Strategy 2020–2024. The Strategy formulates the mission, key development areas and the Department’s goals for the next five years
  • Developed a methodology of applying Agile in audit projects by planning and conducting audits or advisory projects in an agile manner to ensure maximum utility of the outcome for the management of the audited entity and/or other stakeholders. All auditors successfully completed training in applying this approach
  • Developed a continuous auditing methodology. A number of the Company’s key business processes were selected to pilot the continuous auditing
  • Updated the audit model, including risk reassessment following the changes in the Company’s Strategy and processes, changes in the Company’s Risk Map, Hotline statistics analysis and the findings of previous internal audits
  • Updated the assurance map and performed an assessment of key internal and external assurance providers. This tool helped streamline PJSC Aeroflot’s provision of assurance process as well as optimise and prioritise future Internal Audit Department’s agenda while reducing overall workload.

PJSC Aeroflot’s Internal Audit Department fulfilled all of its 2019 activities plan approved by the Board of Directors. The plan had 77 activities, including:

  • risk-oriented audits
  • audits of controlled entities and standalone business units
  • support of the Hotline, a corporate vehicle of confidential reporting to the Board of Directors (its Audit Committee)
  • activities aimed at improving the Department’s performance.

PJSC Aeroflot’s Internal Audit Department won the Internal Auditor of the Year national award as

  • The Internal Audit Service of the Year
  • Head of Internal Audit Service of the Year
  • Internal Auditor of the Year.

It was for the first time in the history of the award that the same company was a winner in all categories. The award has been established by the Institute of Internal Auditors and co-founded by the Russian Union of Industrialists and Entrepreneurs and Moscow Exchange.

Revision Committee

The Revision Committee supervises PJSC Aeroflot’s financial and business operations to provide reasonable assurance that the Company’s business fully meets the interests of its shareholders and requirements set forth in applicable Russian laws. The Committee operates on the basis of PJSC Aeroflot’s Articles of Association and the Regulations on the Revision Committee.

The Revision Committee comprises five members who are elected by the Annual General Meeting of Shareholders for a period until the next Annual Meeting.

As prescribed by the Regulations, the Revision Committee reviewed the information contained in the RAS annual financial statements for 2019, including the income statement and other documents submitted to the Annual General Meeting of Shareholders. The Committee carried out a comparative analysis of the Company’s financial and business performance metrics in 2013–2019 and a review of its compliance with applicable laws in 2019.

Based on these reviews, the Revision Committee prepared and approved a report on the balance sheet and financial performance assessment results. The Committee’s report reflected changes in the balance sheet structure and key change drivers, and assessed some areas of the Company’s financial and business operations, including risk management, internal control and compliance. Based on the review of compliance with applicable laws, the Committee developed recommendations on further improving the Company’s performance to increase profitability and reduce costs.

In its report, the Revision Committee gave a positive opinion regarding the general fairness of the Company’s financial statements with no reasonable grounds to challenge the information provided in the balance sheet and income statement of PJSC Aeroflot as at 31 December 2019. The report also listed the Committee’s recommendations on the Company’s financial and business performance and legal compliance.

The Annual General Meeting of Shareholders held on 25 June 2019 elected the following members of PJSC Aeroflot’s Revision Committee:

  • Igor Belikov – Director of the Russian Institute of Directors and Chairman of PJSC Aeroflot’s Revision Committee
  • Ekaterina Nikitina – Deputy Executive Director of the Civil Society Foundation NGO
  • Mikhail Sorokin – Head of Division at the Federal Agency for State Property Management
  • Sergey Ubugunov – Head of Division at the Russian Ministry of Transport
  • Vasily Shipilov – Head of Division at the Russian Ministry of Economic Development.

Remuneration to Revision Committee members is paid upon resolution of the General Meeting of Shareholders. The total annual remuneration paid to the members of the Revision Committee in 2019 amounted to RUB 4 514 336.

Remuneration of PJSC Aeroflot’s Revision Committee in 2019

Revision Committee member Remuneration, RUB
Igor Belikov 2,528,028
Ekaterina Nikitina 1,986,308
Mikhail Sorokin None
Sergey Ubugunov None
Vasily Shipilov None
TOTAL 4,514,336

External audit

As required by law, PJSC Aeroflot’s annual accounting statements are subject to statutory audit to confirm their fairness. External auditors are engaged for three years through public tenders which ensure an unbiased selection of the successful bidder based on auditing experience, the proposed audit scope and timeline, and the nature of PJSC Aeroflot’s operations. The audit firm that wins the public tender for conducting an audit of the Company’s accounting (financial) statements is approved annually by the Annual General Meeting of Shareholders in accordance with applicable laws.

The Annual General Meeting of Shareholders held on 25 June 2019 approved HLB Vneshaudit as the auditor of PJSC Aeroflot’s 2019 accounting (financial) statements prepared under the Russian Accounting Standards (RAS). PricewaterhouseCoopers Audit was approved as the auditor of the Company’s consolidated financial statements for 2019 prepared under the International Financial Reporting Standards (IFRS).

The total fees paid to HLB Vneshaudit under the contract for audit services and the contract for advisory services amounted to RUB 2,550,000 (net of VAT). The contracted scope of services rendered by HLB Vneshaudit included the audit of interim and annual statements for 2019, as well as accounting and tax advisory services.

The total fees paid to PricewaterhouseCoopers International Limited for audit, audit-related and other services in 2019 amounted to RUB 65,755,000 (net of VAT). The key scope of services rendered under the 2019 contract included a general review of the IFRS interim condensed consolidated financial statements for 3M, 6M and 9M 2019, audit of the IFRS consolidated financial statements for 2019, as well as methodology support, information and consulting services, methodology guidance for targeted procurement processes for other services, budget control and document verification for accounts payable, and tax advisory services.

Anti-corruption policy, preventing and resolving conflicts of interest

Aeroflot Group openly states zero tolerance for unfair and illegal business practices and takes additional voluntary anti-corruption commitments recommended by international and Russian laws.

PJSC Aeroflot is committed to public anti-corruption measures, transparent and open procurement processes and rejection of illicit benefits; it creates effective feedback channels, runs anti-corruption training programmes for its employees, fights corruption by sharing information and takes measures to prevent and resolve conflicts of interest.

Anti-corruption documents are publicly available in the Anti-Corruption Practices section of the Company’s official website at aeroflot.ru/ru-ru/about/anticorruption

In 2019, PJSC Aeroflot again declared its adherence to the Anti-Corruption Charter of Russian Business, extending the period of adherence to 28 March 2021. Aeroflot first signed up to the Charter in 2014. A number of Aeroflot Group companies also signed up to the Charter in 2019.

The Company has the Anti-Corruption Policy approved by PJSC Aeroflot’s Board of Directors and designed to create a uniform approach to implementing Federal Law No. 273-FZ On Countering Corruption dated 25 December 2008, which provides for development and adoption of measures to prevent and counter corruption.

PJSC Aeroflot’s Board of Directors approved a new version of the Corporate Conduct Code of PJSC Aeroflot which brings together the ethical and moral standards supported and shared by the Board members and Company employees regardless of their job title. Similar conduct codes have been adopted by Aeroflot Group companies.

PJSC Aeroflot has other anti-corruption internal regulations developed and approved which establish the procedure for resolving conflicts of interest, including by reporting to the management on any personal interest that leads or may lead to a conflict of interest, and the procedure of reporting to the management on all attempts by any persons to lead employees into corrupt practices.

As part of ongoing anti-corruption efforts, PJSC Aeroflot carries out investigations and inspections on:

  • reports by Aeroflot Group’s customers, business partners and other parties through the Hotline, a corporate vehicle of confidential reporting to the Board of Directors (its Audit Committee)
  • reports by PJSC Aeroflot’s employees on attempts to lead them into corrupt practices
  • reports, including anonymous ones, submitted under the “Corruption complaints” request type through the Feedback section of the Company’s official website at aeroflot.ru/feedback?_preferredLanguage=en.

According to the National Anti-Corruption Plan for 2018–2020 (approved by Decree of the President of the Russian Federation No. 378 dated 29 June 2019), the Company:

  • ensures compliance with the Russian laws on counteracting corruption to prevent and resolve conflicts of interest
  • implements measures to raise public awareness about PJSC Aeroflot’s efforts to prevent corruption
  • arranges for PJSC Aeroflot employees participation in conferences and other events on the implementation of the government anti-corruption policy held by the Government of the Russian Federation, the Prosecutor General’s Office, the Ministry of Labour and Social Protection and other federal authorities and organisations
  • organises anti-corruption training for top management
  • provides annual professional development training for employees involved in anti-corruption efforts.

PJSC Aeroflot interacts with law enforcement authorities and other government authorities on matters related to countering corruption within the Company.

The Company has a set of awareness measures to promote anti-corruption practices, create a zero-tolerance attitude by the employees to corrupt conduct, and explain what is prohibited, restricted and required by the anti-corruption laws and internal regulations. Particular focus is placed on prevention of corruption offences by PJSC Aeroflot employees related to the giving, offering or promising to a public official on behalf or in the interests of PJSC Aeroflot of money, gifts, securities, other assets, the rendering to them or persons affiliated with them of property-related services, granting property rights for any action (or omission) in the interests of PJSC Aeroflot by virtue of their official position.

The Company also informs its counterparties about its programmes, standards of conduct, procedures and rules aimed at countering corruption. A standard anti-corruption clause is incorporated in all contracts and agreements signed by the Company with counterparties.

PJSC Aeroflot will not offer to its counterparties’ employees any incentives that would in any way oblige them and encourage such counterparties’ employees to take any action for the benefit of the Company, including by giving money and gifts, performing works (or services) free of charge and other means.

PJSC Aeroflot’s business units take comprehensive efforts to identify and assess corruption risks.

Preventing and resolving conflicts of interest

Department for Economic Security’s First Deputy Director for Preventing and Countering Corruption, who reports directly to Deputy CEO for Legal and Property Matters, is in charge of anti-corruption compliance management.

In 2019, PJSC Aeroflot took additional measures to ensure compliance with the requirements of Russian anti-corruption laws to prevent and resolve conflicts of interest.

The Company has the Anti-Corruption and Conflict of Interest Commission of PJSC Aeroflot chaired by Department for Economic Security’s First Deputy Director for Preventing and Countering Corruption. The Commission’s mandate is to:

  • review the findings of internal investigations of corruption offences and agree proposed measures to hold the offenders accountable
  • protect PJSC Aeroflot’s employees in connection with corruption reports and potential or real conflict of interest
  • review matters related to compliance with PJSC Aeroflot’s requirements on preventing or resolving conflicts of interest and sanctions for failure to comply
  • review the Programme to Develop, Implement and Ensure the Effectiveness of Initiatives Aimed at Preventing and Countering Corruption at PJSC Aeroflot, as well as proposals for its update and reports on its implementation
  • formulate recommendations to develop and amend internal regulations aimed at preventing and countering corruption at PJSC Aeroflot

Information Disclosure

To enhance its corporate transparency and equity story, the Company aims at ensuring timely disclosure of complete and accurate material information on its operations. The Company’s disclosure is guided by the requirements and recommendations of federal laws, the Bank of Russia, Russian and international exchanges where the Company’s securities are listed, as well as corporate documents such as the Regulations on the Corporate Information Policy and the Regulations on Providing Access to Insider Information.

Information on PJSC Aeroflot is promptly communicated to the widest possible audience through publication of relevant messages, press and news releases on PJSC Aeroflot’s disclosure page in the news feed updated in real time: disclosure.skrin.ru/disclosure/7712040126; and in the Shareholders and Investors section of PJSC Aeroflot’s official website: ir.aeroflot.com.

Information on PJSC Aeroflot is promptly communicated to the widest possible audience through publication of relevant messages, press and news releases on PJSC Aeroflot’s disclosure page in the news feed updated in real time: disclosure.skrin.ru/disclosure/7712040126 and in the Shareholders and Investors section of PJSC Aeroflot’s official website: ir.aeroflot.ru.

The main objectives of PJSC Aeroflot’s corporate information policy are to:

  • ensure compliance with the law and the requirements of securities market regulators
  • enhance information transparency and trust in communications with the Company’s shareholders, security holders, investors, creditors and other stakeholders, and ensure protection of their rights and legitimate interests
  • address as fully as possible the demand of shareholders, investors, professional security market participants and other stakeholders for fair disclosures about the Company and its business
  • honour shareholders’ rights to obtain material information required to exercise their corporate governance rights
  • maintain professional and trust-based relationships of the Company with mass media underpinned by free sharing of reliable information, without prejudice to the rights and legitimate interests of shareholders, investors and other parties
  • protect insider information.

For more details on information disclosure see the Information for Shareholders and Investors section of this Annual Report. .

Internal regulations guiding the Annual Report

Key internal regulations used to prepare this Annual Report, including key internal regulations governing the internal audit, as well as the risk management and internal control system, are:

  • Articles of Association of PJSC Aeroflot
  • Corporate Governance Code of PJSC Aeroflot
  • Corporate Conduct Code of PJSC Aeroflot
  • Regulations on the General Meeting of Shareholders of PJSC Aeroflot
  • Regulations on the Board of Directors of PJSC Aeroflot
  • Regulations on the Management Board of PJSC Aeroflot
  • Regulations on the Executive Secretary and the Office of the Board of Directors of PJSC Aeroflot
  • Regulations on the Personnel and Remuneration Committee of the Board of Directors of PJSC Aeroflot
  • Regulations on the Audit Committee of the Board of Directors of PJSC Aeroflot
  • Regulations on the Strategy Committee of the Board of Directors of PJSC Aeroflot
  • Regulations on the Revision Committee of PJSC Aeroflot
  • Regulations on Internal Audit at Aeroflot Group
  • Regulations on Aeroflot Group’s Risk Management System
  • Dividend Policy of PJSC Aeroflot
  • Regulations on the Corporate Information Policy
  • Regulations on Providing Access to Insider Information
  • Aeroflot Group’s Anti-Corruption Policy
  • Regulations on the System of Disclosure of Confidential Information to the Board of Directors (Audit Committee of the Board of Directors) – Hotline
  • Environmental Policy of PJSC Aeroflot.
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