EVRAZ

As of 7 November 2011

EVRAZ plc (“EVRAZ”) is committed to high standards of corporate governance.

Currently the Board of EVRAZ plc («EVRAZ») has the following standing committees: Audit Committee, Remuneration Committee, Nominations Committee and Health, Safety & Environmental Committee.

Audit Committee

The Audit Committee has responsibility for reviewing EVRAZ’s financial statements and oversees EVRAZ’s relationship with external auditors.

The Audit Committee consists of the following individuals: Terry Robinson (Chairman), Duncan Baxter and Olga Pokrovskaya.

Audit Committee Terms of Reference (64 Kb)

Non-Audit Services

As reported in previous years, the Group engages accountancy firms for due diligence work in connection with acquisitions and listing documentation and for tax advice. Where such services are provided by the external auditors, the committee has agreed fee limits with management in respect of non-audit services. In instances where these limits would be exceeded, prior approval to such engagements, together with fee estimates, is required and such engagement mandates have been duly requested by managementhave been requested by management and approved on proper enquiry by the Audit Committee. On proper diligent enquiry the Audit Committee has generally approved such requests.

In the year to 31 December 2010, the interim review and year-end audit fees totaled US$7.8 million; accounting fees relating to Capital Market transactions totaled US$1.1 million, fees for other audit related services amounted to US$33.5 thousand, while fees for other non-audit services were US$701.5 thousand. The increase in non-audit fees largely reflected advisory services in relation to the improvement of production processes and labour efficiencies at one of the Group’s mining operations. This mandate was subject to an open tender process.


Remuneration Committee

The Remuneration Committee makes recommendations to the Board on management compensation, as well as on the remuneration packages of the Chairman and the Executive Directors.

The Remuneration Committee consists of the following individuals: Duncan Baxter (Chairman), Alexander Abramov (Chairman of the Board), Karl Gruber, Sir Michael Peat  and Eugene Tenenbaum. 

Remuneration Committee Terms of Reference (46 Kb)

The Nominations Committee

The Nominations Committee advises the Board on its composition, making recommendations on the addition or replacement of Directors where appropriate.

The Nominations Committee consists of the following individuals: Sir Michael Peat (Chairman); Alexander Abramov and
Terry Robinson.

Nominations Committee Terms of Reference (45 Kb)

The Health, Safety and Environmental Committee

The Health, Safety and Environment Committee leads the Board’s thinking on health and safety issues, as well as maintaining responsibility for environmental, security and local community matters. 

The Health Safety and Environmental Committee consists of the following individuals: Karl Gruber (Chairman), Alexander Frolov and Terry Robinson.

Health Safety and Environmental Committee Terms of Reference (40 Kb)