Corporate governance / Revision Committee

The Revision Committee exercises control over financial aspects of the business of JSC Aeroflot. The Committee carries out its work on the basis of the Company Charter and Statute on the Revision Committee, auditing the Company’s financial processes in order to achieve a reasonable level of confidence that Aeroflot’s business does not contravene current Russian legislation and accords with the interests of shareholders.

On June 25, 2012 the Annual Meeting of Shareholders elected the following membership of the Revision Committee.

Igor Vyacheslavovich BELIKOV

Born in 1956.
Graduated from Voronezh State University with a Degree in History and English, and in 1996 from the Institute of Further Training and New Qualifications of the Financial Academy attached to the Government of the Russian Federation (majoring in Banking, Insurance and the Securities Market).
Has served as member of the boards of directors of the Russian companies Acron, LUKoil, Sibirtelecom, North-West Telecom, South Telecom, AstrakhanEnergo and others, as well as on audit committees and as a senior official at some of these companies.
Holds a diploma in general audit from the Ministry of Finance of the Russian Federation and diploma in corporate governance from Schulich School of Business of York University (Toronto, Canada).
Doctoral Candidate in History.
From 2002 to the present: Director of the Russian Institute of Directors.

Marina Kimovna DEMINA

Born in 1962.
Graduated from the Moscow Institute of Railway Engineering with a Degree in Accounting and Business Analysis.
From 1992 to the present: First-category Accountant and Auditor, Chief Accountant, Deputy Head of Section, Deputy Manager of the Internal Audit Service, Deputy Director of the Internal Audit Department at JSC Aeroflot.

Vera Grigorievna MIRONOVA

Born in 1950.
Graduated from All-Union Correspondence Institute of the Food Industry with a Degree in Industrial Planning.
From 2006 to 2010: Head of Division of Economics and Development Programmes at the Russian Federal Aeronavigation Service
From 2010 to 2012: Head of the Division for Financial Support, Budget Planning and Reporting at the Federal Air Transport Agency.

Aleksey Aleksandrovich UCHENOV

Born in 1986.
Graduated from the State University of Management with a Degree in State and Municipal Management.
From 2007 to the present: 1st Category Specialist, Main Specialist, Expert, Consultant, Advisor of the Management Division, Deputy Head of Division, Head of Division at the Federal Agency for State Property Management.

Sergey Aleksandrovich PAKHOMOV

Born in 1983.
Graduated from Moscow State University of Geodesy and Cartography with a Degree in Law.
Doctoral Candidate in Law.
Master of Business Administration.
From 2004 to 2012: 1st Category Specialist, Main Specialist, Consultant, Advisor, Head of Division, Deputy Head of Division at the Federal Agency for State Property Management.
From 2012 to the present: Head of Division for Control over Urban Planning and Property Relations in the City Control Committee of the Moscow City Government.

Revision Committee Report

In compliance with the Statute on the Revision Committee, the information contained in annual financial statements for 2012, including the profit and loss account and other documents intended for presentation at the Annual General Meeting of Shareholders, has been audited. The Revision Committee also carried out a comparative analysis of change in indicators that characterize efficiency of the Company’s financial and business activities in 2010-2012. The Committee prepared and approved an opinion as a result of the audit.

The opinion contains an analysis of the Company’s balance sheet and financial results, and reflects changes in the balance sheet structure and main factors that determined these changes, as well as evaluation of a number of areas of the Company’s business (purchasing practices, legal compliance). The Revision Committee gave recommendations with respect to results of the audit of accounts, in order to improve the efficiency of Company business, increase profitability and reduce expenses.

The opinion is positive and the Revision Committee stated its confidence that Company reporting is accurate in principal and that the Committee has no material reasons for refusing to approve the data, which are contained in the balance sheet and profit and loss account of JSC Aeroflot — Russian Airlines as of December 31, 2012.

Remuneration to members of the Revision Committee

No salary or other kind of material remuneration was envisaged or paid to members of the Revision Committee in 2012.

Internal audit

Internal audit assesses the Company’s internal control system as regards accuracy of information, compliance with legislation and applicable accounting procedures, safeguarding of assets, efficiency and performance of the Company’s divisions, representative offices and branches. Examination and analysis of primary documents at Company divisions in the course of audits enables selection and definition of procedures for internal management control at various levels of management, and helps to obtain information on how the business processes are organized and how financial accounts are prepared.

Internal audit is exercised by the Internal Audit Department, which is directly answerable to the CEO of JSC Aeroflot.

The Department carried out 37 reviews (audits) in 2012 and prepared relevant opinions (acts) as a result of these reviews. Recommendations and proposals were prepared on the basis of the reviews in order to raise the business efficiency of structural divisions, representative offices and the Company as a whole, to optimize operating costs and protect Company assets.

External audit

Audit of the financial statements of JSC Aeroflot for 2012 was carried out: