The Audit Committee of Severstal, one of the world's largest vertically integrated metals and mining companies, has announced the adoption of the Audit and Assurance Policy. The document is valid for three years until December 31, 2022 and includes a report prepared by the Board of Directors of the company, as well as the opinion of the Board on material aspects of Severstal's activities, which are usually published as part of an annual report.
Publication of the Policy on the audit and assurance was preceded by a period of investor and stakeholder consultation starting in May 2020.
“The Audit Committee is satisfied with the quality of the feedback we have received from investors and other stakeholders. We took into account their suggestions and are confident that now our Policy not only fully reflects the intentions and plans of the company, but also takes into account the views of investors and other stakeholders. When the Audit Committee of Severstal began work on this document, we thought that we would be one of many companies that are pursuing similar initiatives. But we were surprised to learn that we were the leader in this area. This is a very valuable experience for all of us, which helped formulate Severstal's vision of auditing and providing assurance for a wide audience, "commented Alan Bowen, Chairman of Severstal's Audit Committee.