A NEW PERSPECTIVE
Based on our business needs, we significantly updated the composition of the Board of Directors and management and added new competencies necessary to achieve SUEK’s strategic goals.Samir Brikho, CHAIRMAN OF THE BOARD OF DIRECTORS
Based on our business needs, we significantly updated the composition of the Board of Directors and management and added new competencies necessary to achieve SUEK’s strategic goals. I am pleased to introduce Juerg Seiler, who has many years of experience in finance and investment with international companies, and Mikhail Kuznetsov, who has experience in managing energy companies and deeply understands our business. In February 2021, we also welcomed Michael Hogan, an expert in mining, industrial safety and environmental protection. Stefan Judisch, who held an executive position with the company for some time in 2020, returned to SUEK’s Board of Directors in February 2021. The Directors’ experience in mining, energy and finance, along with their wide range of abilities, will contribute to the high quality of strategic management and help us address challenges faced by the company today.
We would like to thank the Directors who left the Board in 2020, Alexander Landia, Iain MacDonald and Klaus Dieter-Beck, for their excellent work and contribution to transforming SUEK into one of the world’s leading energy companies.
In 2020, the Board of Directors continued to develop a culture of sustainability in the company. Recognising the importance of consistent work to improve SUEK’s industrial and environmental safety, the Board of Directors created a dedicated committee that would take over part of the functions of the Nomination and Compensation Committee and intensify the focus on complying with international HSE standards and the best practicies.
The Board of Directors also approved a new approach to the work of SUEK’s Compliance, Risk and Internal Audit systems, aimed at developing a system for the early warning of significant business risks.
During the year, we reviewed the Group’s strategy and adjusted it based on the multiple macro-economic challenges we faced in 2020. The changes in strategy approved by the Board in 2020 have improved the company’s resilience and position in its main markets; they also open up new opportunities in segments where SUEK has not had a strong presence.
We also approved the re-domiciliation of the Group’s financial structure, SUEK Ltd., to Russia, to a special administrative region on Russky Island, with favourable business conditions for international companies.
In 2021, we will continue to refine the strategies of individual business segments, including the logistics business, and to develop our risk management, HR and incentivisation systems.