The Audit Committee of the Board of Directors of JSC IDGC Holding was established pursuant to the decision adopted by the Board of Directors of JSC IDGC Holding on September 25, 2008 (Minutes No. 4).

The key role of the Audit Committee of the Board of Directors of JSC IDGC Holding consists in providing support for the auditor selection process and the Company’s reliable financial statements and setting up an efficient internal control system. The constant study of the internal control system enables the Audit Committee to draw the executive arm’s attention to each discovered shortcoming and suggest reasonable corrective measures.

Therefore, the principal objectives of the Audit Committee of the Board of Directors of JSC IDGC Holding are as follows:


• preparation of recommendations concerning the selection of the Company’s external auditor;
• ongoing monitoring of the preparation by the executive bodies of the Company of the accounting (financial) statements of the Company, the fairness of these statements, the process of disclosure of reliable financial information about the Company, its scope and transparency level;
• assessment of the efficiency of the Company’s internal control procedures and the preparation of proposals for their improvement;
• interaction with the executive bodies of the Company and other persons.


Pursuant to the decision adopted by the Board of Directors of JSC IDGC Holding on October 7, 2011, (Minutes No. 64) the following persons were approved as the members of the Audit Committee of the Board of Directors of JSC IDGC Holding, composed of three (3) people:


• Pavel Andreyevich Borodin (Chairman of the Committee), member of the Board of Directors of JSC IDGC Holding, Vice President of OJSC VimpelCom;
• Sergey Renatovich Borisov (member of the Committee), member of the Board of Directors of JSC IDGC Holding, President of OPORA RUSSIA All-Russian Public Organization of Small and Medium Business;
• Valery Alekseyevich Gulyaev (member of the Committee), member of the Board of Directors of JSC IDGC Holding, Deputy General Director for Procurement and Logistics of OAO OGK-2 and OAO OGK-6.

Information about decisions adopted by the Audit Committee of the Board of Directors of JSC IDGC Holding is contained in the disclosed minutes of the Committee’s meetings.

Extract from the minutes of the meeting of the Board of Directors (No. 43 of September 8, 2010) – Regulations for the Audit Committee