OREANDA-NEWS. On July 11, 2007 Board of Directors’ meeting has commenced at the Gazprom Headquarters, reported the press-centre of Gazprom.

The Board formed the Asset Evaluation and Audit Committees of the Gazprom Board of Directors.

Boris Fyodorov was re-elected as the Audit Committee Chairman and German Gref, RF Economic Development & Trade Minister was re-elected as the Asset Evaluation Committee Chairman.

Reference:

The Audit Committee focuses on assessing:

nominations for Gazprom’s auditors;

the Auditor’s Report;

the efficiency of Gazprom’s internal control procedures and preparation of proposals on their improvement.

The Asset Evaluation Committee is mainly responsible for assisting the Board of Directors in settling issues surrounding execution of deals by Gazprom and its subsidiaries as well as cooperation in asset management with business entities where Gazprom holds its stakes.

The Committee’s activity covers analysis and preparation of proposals to improve Gazprom’s and its subsidiaries property value assessment procedure related to Gazprom’s deal execution.

The Members of the Gazprom Board of Directors’ Audit Committee have been re-elected pursuant to the Standard Guidelines for a Board of Directors’ Committee. The authority of the Committee Members expires simultaneously with the expiry of the authority of the Board of Directors that has formed this Committee. To this end, the authority of the previously elected Audit Committee Members expired on June 29, 2007.