Apart from the plenary Supervisory Board two committees are set up.
OMV Petrom Committees
The Supervisory Board has established an Audit Committee. The establishment of Audit Committee was approved under the provisions of the Company Law no. 31/1990. The Audit Committee is responsible mainly for examining and reviewing the annual financial statements and the proposal for the distribution of the profits, undertaking annual assessments of the system of internal control, evaluating the efficiency of the internal control system and risk management system, monitoring the application of statutory and generally accepted standards of internal auditing, reviewing conflicts of interests in transactions with related parties, examining and reviewing related party transactions that exceed or may be expected to exceed 5% of the company’s net assets in the previous financial year, as well as making recommendations to the Supervisory Board. The Audit Committee’s members are:
- Jochen Weise* (President)
- Reinhard Florey (Deputy President)
- Radu-Spiridon Cojocaru* (member)
- Niculae Havrileț (member).
The Supervisory Board has established a Presidential and Nomination Committee. The main role of the Presidential and Nomination Committee is to be involved in the succession planning for the Executive Board, having full responsibility on the selection process of candidates for appointment in Executive Board. In addition, the Presidential and Nomination Committee has the right to make recommendations concerning the proposal of candidates for appointment in the Supervisory Board. Likewise, the Presidential and Nomination Committee deals and decides on all matters concerning the remuneration of the Executive Board members and the content of mandate contracts with Executive Board members. The Presidential and Nomination Committee’s members are:
- Rainer Seele (President)
- Johann Pleininger (Deputy President)
- Joseph Bernhard Mark Mobius* (member)
- Niculae Havrileţ (member).
* Independent member as per the criteria of the Bucharest Stock Exchange Corporate Governance Code, criteria which are substantially similar with those provided by the Company law no.31/1990.