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АКЦИОНЕРНОЕ ОБЩЕСТВО

«UZBEKGEOFIZIKA»

JOINT STOCK COMPANY

phone +998 (71) 264-84-94

address Tashkent region, Kibray district, Geophysics village

Explanatory note for the organizational structure of JSC "Uzbekgeofizika"

In order to introduce modern methods of corporate governance, strengthen the role of shareholders in strategic management and improve efficiency, June 22, 2018 was approved the organizational structure of the Joint Stock Company ""Uzbekgeofizika."" Organizational structure, proceeding from field specifics and features of the company's activities, was prepared in accordance with the Decree of the President of the Republic of Uzbekistan ""On measures to introduce modern methods of corporate governance in joint-stock companies"" of 24.04.2015. N°UP-4720. The management bodies of the company are the general meeting of shareholders, the supervisory board and the executive body. The General Meeting of Shareholders is the supreme governing body of the company. The procedure for the activities of the general meeting of shareholders is determined by the legislation, the Charter and internal documents of the company.

The Supervisory Board of the Company carries out general management of the company's activities, except for resolving issues referred by the Law and the company's charter to the competence of the general meeting of shareholders. In accordance with the Charter, the composition of the supervisory board consists of 9 persons.

Management of the current activity of the company is carried out by the board of the company, the competence of the members of the management board is determined by the charter of the company. The Board consists of 5 persons: the Chairman of the Board, the First Deputy Chairman of the Board of Production and the three Vice-Chairmen of the Board (Deputy Chairman of the Board of Geology and Geophysical Work, Deputy Chairman of the Finance, Deputy Chairman of the Board of Production and Technical provision and general construction). The executive body of the company organizes the implementation of decisions of the general meeting of shareholders and the supervisory board of the company. In accordance with the company's charter or by decision of the general meeting of shareholders or the supervisory board of the company, the appointment of members of the company's management board is, as a rule, based on competitive selection, in which foreign managers can take part. At the board of the company are in operation the executive management apparatus and production parties of direct subordinate.

For control of financial and economic activities of the company, the general meeting of shareholders, in accordance with the company's charter, elects the audit commission. Qualification requirements for the auditor or members of the company's audit commission are established by the general meeting of shareholders. The competence of the company's audit committee is determined by the Law and the company's charter. The procedure for the activities of the Company's Audit Commission is determined by the provision approved by the General Meeting of Shareholders.

The Company's internal audit service monitors and evaluates the work of the executive body, branches and representative offices of the company by inspecting and monitoring compliance with legislation, the charter of the company and other documents, ensuring the completeness and reliability of reporting data in accounting and financial reporting, established rules and procedures for conducting business operations , the safety of assets, as well as compliance with the requirements for the management of the Company established by law. The internal audit service is accountable to the supervisory board of the company.

The corporate consultant of the company is accountable to the supervisory board of the company and performs the functions of monitoring compliance with corporate legislation. The activity of the corporate consultant of the company is carried out on the basis of the provision approved by the supervisory board of the company.

Also in the Company are in operation 5 (five) branches (expeditions) geographically located in the main oil and gas-promising regions of the Republic."

Translated from Russian

 

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