Foreword. We hope you find this inaugural edition of the Spencer Stuart Russia Board Index an interesting read and we welcome your feedback.

Transcription

1 2014 Russia Board Index

2 Contents Foreword 1 Highlights of the 2014 Russia Board Index 2 Our survey approach 4 Board size and composition 5 Remuneration 9 Board meetings and committees 10 Board governance 12 Comparison tables 13 Board data 16

3 Foreword We are delighted to publish the first edition of the Spencer Stuart Russia Board Index, a review of board composition, structure and governance practice in the top Russian companies. Spencer Stuart has been publishing Board Indexes in a growing number of countries around the world since Russia is one of over 20 countries to have its own Board Index and this reflects an increasing interest both inside the country and abroad in how corporate governance practices are evolving. This edition of the Spencer Stuart Russia Board Index should be seen as a starting point: its scope and content will be expanded in the years ahead. Our objective in this first edition is to highlight some basic information about the boards of the publicly-traded companies with the largest market capitalisation and to draw some interesting comparisons with governance practices in other parts of the world. The Spencer Stuart Russia Board Index is divided into four parts: 1) Highlights of key statistics aggregated from the top Expert 400 companies; 2) Commentary and analysis on board structure and composition, committees and remuneration; 3) An international comparison chart; 4) A table showing key data for each company analysed as part of this Board Index. We hope you find this inaugural edition of the Spencer Stuart Russia Board Index an interesting read and we welcome your feedback. Yaroslav Glazunov Spencer Stuart, Moscow 1

4 Highlights of the 2014 Russia Board Index 22.3 The average number of board meetings per company last year 39% The percentage of independent directors Board meetings It is interesting to observe that many boards tend to meet virtually, rather than in person. A high proportion of meetings take place in absentia. The average number of board meetings at which directors meet in person is far lower at 7.4. Independence Only 170 out of 436 directors in the top Russian companies are deemed independent by their companies. Only 39% of all board directors are independent; on average, there are 3.6 independent directors per board. Among the other European countries analysed by Spencer Stuart, only Spain (38 per cent) and Turkey (34 per cent) show lower ratios of independent directors. The average age of independent directors is older than boards as a whole (55.8 vs years old). They are also more international: the ratio of foreign directors is twice as high among independent board members as it is among boards as a whole (48% vs. 24%) years The average age of all directors Age Directors sitting on Russian boards are the youngest across Europe. On average, non-executive directors are four years older than executive directors (53.2 and 49.3 years old respectively). As would be expected, chairmen as a group are more senior in age (54.8 years old). 2

5 Gender diversity The glass ceiling still seems to exist in Russian companies, where only 8% of all directors are women. This is the lowest figure of all the countries analysed by Spencer Stuart this year (see international comparison chart on page 14 15). It is interesting to note that out of the 35 female directors in the top companies analysed, one-third started in their roles during the last year. This suggests that Russian companies are working on improving their gender diversity at the top. Interestingly, 9% of all executive directors are women, which is the highest ratio within our international sample. High turnover Boards in Russia have experienced a very high turnover during the last financial year. Almost one-third of current directors started in the year preceding our cut-off date (31 March 2014). Of these new hires, 10% were women. This suggests a slight improvement in gender equality, given that the overall the percentage of women is 8%. 8% The proportion of women sitting on boards 29.8% The proportion of board members who arrived during the last financial year Director remuneration Among those companies that report the remuneration of individual directors, the average is US $117,000. Director pay varies greatly between companies, ranging from US $18,000 to US $350,000. There is, however, little consistency in how boards report information on director pay, and this frustrates board chairmen who would like to be able to benchmark their own board pay against an index of companies of a similar size and/ or sector. We hope to be able to provide more detailed remuneration figures in next year s edition of the Russia Board Index. $117,000 The average pay for nonexecutive directors 3

6 Our survey approach The 2014 Russia Board Index covers 41 of the top 50 listed companies by market value in the Expert 400 at the end of March Subsidiary companies in the top 50 are excluded from our analysis. The purpose of the survey is to provide the most comprehensive possible review of governance practice in the largest companies at a given point, to compare it with other countries in EMEA and to identify major trends. The data was compiled from publicly available sources as well as BoardEx. 4

7 Board size and composition Board size The average board has 10.6 members, which ranks Russia in the middle of European countries in terms of board size. The majority of companies (58 per cent) comprise between nine and eleven directors. Eighteen per cent of all directors are executives, 82% are non-executive. Number of directors # companies % companies <= % 9 to % 12 to % 15 and more % France Italy Spain Switzerland UK Netherlands Russia US Average board size The roles of chairman and chief executive Following the law on joint-stock companies, the roles of chairman of the board and the chief executive officer are always separated. All 41 companies have a unitary board of directors and the chief executive is in every instance a member of the board. Foreign directors Almost one quarter of all board members are foreign (24 per cent). This figure is much higher than in Mediterranean countries (Italy: 7 per cent, Spain: 11 per cent), but lower than in France or the UK (31 and 33 per cent respectively). The Netherlands (43 per cent) and Switzerland (59 per cent) have an especially high proportion of foreign directors, reflecting the fact that the largest businesses in those countries have a truly international footprint and the vast majority of their revenues come from foreign markets. 5

8 The foreign directors on Russian boards are almost entirely non-executive directors (29 per cent of all non-executives are foreign). Foreign executive directors account for only 1 per cent of the total. France Italy Spain Switzerland UK Netherlands Russia US Percentage of foreign board members (all) Percentage of foreign non-executive directors Percentage of foreign executive directors Average number of nationalities represented on the board 31% 7% 11% 59% 33% 43% 24% 8% 28% 8% 89% 55% 26% 45% 29% - 1% 5% 11% 73% 7% 36% 1% N/A per cent of new board members are foreign, similar to the current proportion of foreign board members within Russian boards (24 per cent). Each board comprises an average of three different nationalities. This is comparable to what we can observe in the UK (3.2) or the Netherlands (3.4). Ten companies out of 41 have boards comprising only Russian nationals. Women on the board Russian boards are still dominated by men. Only 8 per cent of non-executive directors and 9 per cent of executive directors are women. The proportion of female board members in Russian companies is especially low compared with other European countries. The proportion of female executive directors is higher than in other countries (9 per cent), although the actual number female executives is very small. Less than half of the companies have at least one woman on the board (39 per cent). Again, this is exceptionally low when compared to European countries such as France (100 per cent), Italy (87 per cent), or even Spain (68 per cent). 6

9 However, it seems that the number of female directors is on the increase in Russia: 10 per cent of new board members were women, compared with 8 per cent of all directors. France Italy Spain Switzerland UK Netherlands Russia US Percentage of female board directors (all) Percentage of female nonexecutive directors Percentage of female executive directors Percentage of companies with at least one woman on the board 31% 17% 13% 16% 21% 17% 8% 18.6% 33% 20% 15% 16% 30% 21% 8% - 4% 6% 4% 0% 7% 7% 9% - 100% 87% 68% 85% 97% 70% 39% 95.2% Length of service Average tenure of all directors is 4.3 years. Executive directors tend to stay on the board longer (6.3 years) than non-executive directors (3.8 years). The average tenure of chairmen is 5.8 years. NED Chairman ED All Tenure

10 Average age of directors With an average age of 52.5 years, directors in Russia are younger than their counterparts in other European countries. The average age of the chairman who is often the most senior person within the company is still lower in Russia (54.8 years old) than the average age of executive directors in France, Italy or Switzerland. France Italy Spain Switzerland UK Netherlands Russia US Average age: all directors Average age: NED N/A Average age: ED N/A

11 Remuneration Non-executive directors Information about director remuneration in Russian companies is hard to obtain. Many chairmen would like to see more transparency in order to be able to benchmark the pay of their directors. We hope to be able to provide more information on director remuneration in future editions of the Russia Board Index. Companies often disclose the total remuneration for the board of directors. Only 24 per cent state the remuneration of individual directors, which averages at US $117,000. Two companies, Dixy and FGC UES, did not pay their directors last year. Director remuneration (excluding the chairman) varies greatly between companies, ranging from US $18,000 (Phosagro) to US $350,000 (Polyus Gold International Ltd). Committee fees are paid in some companies, but not enough information is available to make a meaningful analysis possible. 9

12 Board meetings and committees Board meetings In absentia meetings are commonly used in Russia for voting purposes. Ballots are sent to directors home addresses; board members must then cast their vote before a given date. This method of making decisions explains the significant difference in the number of board meetings between Russia and other European countries: 22.3 meetings per year in average in Russia, over twice as many as the country with the second highest number of meetings (Italy, 10.5 per year). France Italy Spain Switzerland UK Netherlands Russia US Board meeting/year (average) If we look only at the number of in-person meetings, the average in Russia falls to 7.4 per year, which is comparable to the number of meetings held by boards in the UK, Netherlands, France and Switzerland. More than one quarter of the companies (27 per cent) in our sample had fewer than five meetings in person. The most common number of meetings is eight (12 per cent), and almost one-third of the companies had between eight and 10 meetings in person last year (32 per cent). Board meetings < >12 n/a In person 27% 2% 7% 5% 12% 10% 10% 2% 2% 12% 10% Board meetings: In absentia + in person < >=80 In total 7% 17% 20% 10% 15% 10% 10% 5% 5% 2% 0% More than half of the companies (54 per cent) had fewer than twenty meetings in total last year. Several had more than sixty: Norilsk Nickel (62), Mechel (70) and Gazprom (80). Excluding these three companies, the average number of meetings last year comes down from 22.3 to

13 Committees The average number of committees per board is 3.2. Most of the companies in our sample have three committees (49 per cent). Eighty-three per cent of companies have between two and four committees. The audit committee is the only committee present in all companies. In two companies (Polymetal International and Pik), it is known as the audit and risk committee, and in a third one (Sistema), it is called the audit, finance and risk committee. Number of committees Total Percentage of companies 5% 17% 49% 17% 7% 2% 2% 100% External commitments Directors in Russia sit on average on only 1.6 boards. This is similar to France (1.5) and far fewer than in Italy (3.9). The average number of foreign boards that each director sits on is 0.4. This is lower than in the UK (0.6), France (0.7) or Switzerland (1.1). Finally, one-fifth of executive directors serve on an outside board. This figure is similar to most of Europe, with the exception of France, where the vast majority of executive directors have external board commitments (86 per cent). France Italy Spain Switzerland UK Netherlands Russia US Average number of boards per director (total) Average number of foreign boards per director Percentage of executive directors with an outside board N/A N/A N/A % 18.0% 12.9% 27.3% 27.0% 0.6% 20.5% - 11

14 Board governance Board evaluation Only two out of 41 companies (Aeroflot and Transcontainer) refer to having had a board evaluation during the last financial year. This represents five per cent of our sample. Board evaluation is far more common in Italy (27 per cent), France (35 per cent) or Spain (88 per cent). In some countries, for example the UK, boards conduct an externally facilitated evaluation every three years, often in addition to an annual evaluation handled internally. 12

15 Comparison tables In this edition of the Russia Board Index we provide two sets of tables. In addition to the detailed company data (beginning on page 16), we are publishing a chart comparing aggregated data from 16 countries (pages 14 15). All data is taken from individual country Board Indexes published by Spencer Stuart in Constituent companies of Spencer Stuart EMEA & US Board Indexes BELGIUM BeL20 + BelMid FRANCE CAC40 GERMANY DAX30, Mdax, Sdax, Tecdax ITALY 38 (FTSE MIB) + 62 (Mid Cap, Small Cap, Other) NETHERLANDS AEX and AMX Denmark OMX Copenhagen NORDICS Finland OMX Helsinki Norway Oslo Stock Exchange Sweden OMX Stockholm RUSSIA Top 50 companies from Expert 400 SOUTH AFRICA JSE Top 40 + top companies by market cap + select SOEs SPAIN IBEX-35 + top companies by market cap SWITZERLAND SMI TURKEY BIST 30 UK FTSE 150 USA S&P 500 comprising NYSE and NASDAQ-listed companies 13

16 BELGIUM FRANCE GERMANY ITALY N LANDS GENERAL INFORMATION BOARD AGE FOREIGN GENDER NEW MEM- BERS OTHER BOARDS LIMITS REMUNERATION EXCOM Size of sample Supervisory board/unitary board of directors 07/49 5/35 66/0 4/96 41/9 Average number of board meetings per year Percentage of companies who conducted an external board evaluation - 35% 15% 27% 20% Combined chairman and CEO 5% 68% 0 22% 4% 8 Percentage of boards with senior independent director (SID) 1 N/A 70% N/A 44% 12% 9 Average board size (total) Average board size (excluding employee representatives) Average number of independent board members Percentage of independent board members 41% 62% 43% 4 50% 62% Average age: all directors Average age: non-executive directors Average age: executive directors N/A Percentage of foreign board members (all) 29% 31% - 7% 43% Percentage of foreign non-executive directors - 28% 24% 8% 45% Percentage of foreign executive directors - 1% N/A 5% 36% Average number of nationalities represented on the board Percentage of female board directors (all) 17.9% 31% % 16.9% Percentage of female non-executive directors % 23.8% 20.1% 21.4% Percentage of female executive directors - 3.8% N/A 6% 6.8% Percentage of companies with at least one woman on the board 82.2% 100% 94% 87% 70% Percentage of new board members 13.3% 7% 7.4% 17% 13.5% Percentage of women among new board members 35% 41% 38.2% 39% 23.4% Percentage of non-nationals among new board members % 11.8% 7.2% 48.4% Average number of boards per director (total) Average number of foreign boards per director Percentage of executive directors with an outside board - 86% N/A 18% 0.6% 10 Percentage of boards with tenure limits N/A N/A N/A N/A 100% Average length of tenure limits N/A 12 3 N/A N/A 12 Percentage of companies with a mandatory retirement age N/A 3% 75% 5% - Average mandatory retirement age N/A Average retainer for non-executive directors Average fee for audit committee membership Average fee for remuneration committee membership N/A Average compensation for nomination committee membership Average board size of ExCo Percentage of foreigners on the ExCo 25.6% 26% 22.5% 1.3% 33.3% Percentage of women on ExCo 10.9% 10% 7.3% 6.4% 7.6% 14 1 Or lead director or equivalent Finland EUR/meeting France 3 While there is no formal tenure limit in France, directors lose their independence after 12 years on the board Germany 4 According to goals expressed in compliance statement 5 Shareholder representatives only 6 Chairmen only Netherlands 7 Based on boards meeting less than 20 times annually. One-tier boards meet on average 7.4 times. Two-tier boards meet on average 8.8 times. 8 This relates to one-tier boards only as a combined CEO and chairman is not permissible on two-tier boards. 9 67% of all one-tier boards in the Netherlands Board Index have a Senior Director or Vice Chairman. 10 Positions on boards of foreign and domestic listed and nonlisted companies not in the Netherlands Board Index have not been included in the analysis. As a result, the average number of directorships may be greater than what is

17 NORDICS Denmark Finland Norway Sweden RUSSIA SOUTH AFRICA SPAIN SW LAND TURKEY UK USA /8 20/5 4/21 5/45 0/41 1/71 0/92 12/08 0/30 0/150 0/ % 47% - 0% - 40% 98% 0% 0% 4% 2% 0% 1% 65% 5% 7% 0% 53% N/A N/A N/A N/A 9.8% 52.8% 21% 15% N/A 100% 90% % 80% 59% 53% 39% 57% 38% 85% 34% 60% 84% % 26% 15% 18% 24% 26% 11% 59% 15% 33% 8% 16 25% 13% 15% 18% 29% 26% 12% 55% 15% 26% - 0% 0% 0% 1% 1% 29% 6% 73% 0 7% N/A % 29.6% 39.6% 30.2% 8% 20.8% 13% 15.6% 8.7% 20.6% 18.6% 11.9% 26.6% 28% 21.5% 7.8% 25% 15% 16.5% % - 0% 0% 0% 5.7% 9% 6.4% 4% 0% - 6.6% - 96% 100% 100% 100% 39% 94.4% 68% 85% 56.7% 97.3% 95.2% 17.6% 16.1% 10.1% 8.7% 29.8% 6.8% 8.9% 8.5% % 7% 25.6% 21.9% 38.1% 53.5% 10% 18.3% 17% 38.9% % 30% % 30% 18% 61.1% % % 6.3% 0% 5.7% 20.5% 24.8% 12.9% 27.3% - 27% - N/A N/A N/A N/A 2.4% 28.6% 25% 30% N/A N/A 3% N/A N/A N/A N/A N/A % 4% 8% 4% 0% 46.2% 28% 55% N/A N/A 73% N/A N/A See note N/A N/A N/A See note % 28.6% % % 20.3% - 4.3% % - reported in the Board Index. Chair positions are not counted double years. This relates to non-executive directors. 12 Includes per-meeting fees or fees for committee membership. Based on 184 non-executive directors who were on the board of a company included in the Board Index for the entire year of Excludes retainers for non-executive chairmen. Russia 13 Data available for 10 of 41 companies. turkey 14 Average remuneration for independent directors only UK 15 While there is no formal tenure limit in the UK, directors lose their independence after 9 years on the board USA 16 Top 200 companies only 17 $8.411 (average all committees) 15

18 Board data Total number of directors at 31 March 2014 Is the chairman also CEO? Non-executive directors excluding Chairman Vice chairmen Senior independent non-executive director Acron 7 N 2 1 N Aeroflot 11 N 8 0 N ALROSA 15 N 12 2 N Bashneft 11 N 9 0 N DIXY 7 N 5 0 N Federal Grid Company (FGC UES) 11 N 9 1 N Gazprom 11 N 6 1 N Inter RAO 11 N 9 1 N LSR Group 9 N 6 1 N LUKOIL 11 N 7 0 N M Video 9 N 7 0 N Magnit 7 N 5 1 N Mechel 9 N 5 0 N MegaFon 7 N 6 0 N MMK 10 N 5 0 N Mobile TeleSystems (MTS) 9 N 7 1 N Moscow Exchange 19 N 17 2 N Norilsk Nickel 13 N 11 1 N NOVATEK 9 N 6 0 N Novolipetsk Steel (NLMK) 9 N 7 1 N Novorossiysk Commercial Sea Port (NCSP) 7 N 6 0 N Pharmstandard 11 N 6 0 N PhosAgro 8 N 3 1 N PIK Group 9 N 7 0 N 16

19 Foreign nonexecutive directors Number of nationalities on the board (inc. Russian) Is the chairman foreign? Is the CEO foreign? Female nonexecutive directors Non-executive director appointments Appointed since 31 Mar 2013 Of which are women? Of which are foreigners? 0 1 N N N N N N N N N N N N N N N N N N N N Y N N N N N N N N N Y N N N Y N N N N N N N N N Y N N N

20 Board data Total number of directors at 31 March 2014 Is the chairman also CEO? Non-executive directors excluding Chairman Vice chairmen Senior independent non-executive director Polymetal International 9 N N 0 Y Polyus Gold International 8 N 6 0 Y Rosneft 9 N 7 3 N Rosseti 15 N 13 0 N Rostelecom 11 N 9 0 N RUSAL 18 N 12 0 N RusHydro 13 N 11 1 N Sberbank Rossii 17 N 14 3 N Severstal 10 N 5 0 Y Sistema 13 N 11 1 N Surgutneftegaz 9 N 6 0 N Tatneft 15 N 10 0 N TMK 11 N 8 0 N TransContainer 11 N 9 1 N Uralkali 9 N 7 2 Y VSMPO-AVISMA 7 N 4 2 N VTB Bank 11 N 9 0 N 18

21 Foreign nonexecutive directors Number of nationalities on the board (inc. Russian) Is the chairman foreign? Is the CEO foreign? Female nonexecutive directors Non-executive director appointments Appointed since 31 Mar 2013 Of which are women? Of which are foreigners? 7 6 Y N N N N N N N N N Y N N N N N Y N N N N N N N N N Y N N N N N N N

22 Board data Average director tenure (years) Average age of nonexecutives Chairman (total) Service on listed boards CEO (total) Directors (average) Foreign listed boards served, per director (average) Acron Aeroflot ALROSA Bashneft DIXY Federal Grid Company (FGC UES) Gazprom Inter RAO LSR Group LUKOIL M Video Magnit Mechel MegaFon MMK Mobile TeleSystems (MTS) Moscow Exchange Norilsk Nickel NOVATEK Novolipetsk Steel (NLMK) Novorossiysk Commercial Sea Port (NCSP) A C R N App B CM Audit Compensation Renumeration Nominations Appointment Budget Corporate Management CG Corporate Governance CC Corporate Conduct CR Corporate/Social Responsibility Cust Customer D Development Et Ethics Ene Eff Energy Efficiency F Finance Gov rel Government relations HR Human Resources HSE Health, Safety and Environment Inf pol Information policy Inv Investment Ir&Dp Investor Relations & Dividend policy ID Information Disclosure Inn Innovation 20

23 Board meetings Total incl. absentee Meetings in person Number and type of committees Number of committee meetings External Board Evaluation 34 n/a 3: (A), (St pl & CG), (N & R) (A) 5; (St Pl & CG) 2; (N & R) 3 N : (Pe & R), (A), (St) (Per & R) 8, (A) 9, (St) 6 Y (A) (HR & R), (St pl) (A) 2 [7]; (HR & R) [3], (St pl) 4 [1] N : (St), (N & R), (A), (F, B, Ri), (HSE & CR), (CC), (PA) (St) 13 [9], (PA) 4 [4], (N & R) 12 [11], (CG) 3 [1], (HSE & CR) 7 [6], (A) 4 [4], (F, B, Ri) 5 [5] N 6 6 3: (R ), (A), (St) N : (St), (Inv), (HR & R), (A) (St) 2, (Inv) 2, (HR & R) 2, (A) 5 N (A) (A) 6 N : (A); (HR & R); (St & Inv) (A) 7[5]; (HR&R) 18[1]; (St & Inv) 12[5] N : (A), (HR & C), (St & Inv) (A) 7; (HR & Comp) 4; (St & Inv) 4 N :(A); (HR & R); (St) (A) 5+2(in abs); (HR+R)5+1(in abs); (St)3+1(in abs) N : (A), (R & N) N :(A); (HR & R) N 70 n/a 3: (A), (Inv & St pl), (App & R) N :(A); (HR & R); (F & St) N : (A), (N & R), (St) (A) 10, (N & R) 9, (St) 8 N : (A), (R & N) N : (Ri M); (Pe & R); (St pl); (Tech Pol) (A) N :(A); (St); (B); (CG, N, R) N 8 8 3:(A); (HR & R); (St) (A)3; (HR&R)4; (St)4 N 9 3 3: (A), (St), (HR, R, SPl) (St) 2, (A) 4, (HR, R, SPl) 3 N : (A), (HR & R) N PA Pe Ri Ri M Rel SPl Soc St Project Assurance Personnel Risk Risk Management Reliability Social Policies Society Strategy St pl Strategic planning Tech Pol Technical Policy Val Valuation in abs. in absentia 21

24 Board data Average director tenure (years) Average age of nonexecutives Chairman (total) Service on listed boards CEO (total) Directors (average) Foreign listed boards served, per director (average) Pharmstandard PhosAgro PIK Group Polymetal International Polyus Gold International Rosneft Rosseti Rostelecom RUSAL RusHydro Sberbank Rossii Severstal Sistema Surgutneftegaz Tatneft TMK TransContainer Uralkali VSMPO-AVISMA VTB Bank A C R N App B CM Audit Compensation Renumeration Nominations Appointment Budget Corporate Management CG Corporate Governance CC Corporate Conduct CR Corporate/Social Responsibility Cust Customer D Development Et Ethics Ene Eff Energy Efficiency F Finance Gov rel Government relations HR Human Resources HSE Health, Safety and Environment Inf pol Information policy Inv Investment Ir&Dp Investor Relations & Dividend policy ID Information Disclosure Inn Innovation 22

25 Board meetings Total incl. absentee Meetings in person Number and type of committees Number of committee meetings External Board Evaluation 58 n/a 2: (A), (R & N) N : (A), (St), (HR & R), (HES) (A) 4, (St) 1, (HR & R) 2, (HSE) 3 N : (A & Ri), (Pe & R) (A & Ri) min 4; (Pers & R) min 4 N 9 8 3: (A & Ri), ( R), (N) (A & Ri) 6; ( R) 2; (N) 2 N : ( R), (N), (A), (Ri), (HSE) ( R) 7, (N) 4, (A) 7, (Ri) 4, (HSE) 4 N (A); (HR & R); (St) (A) 6; (HR & R) 8; (St) 5 N : (A), (Inv, Tech pol, Rel, Ene Eff, Inn), (Val), (St), (Soc, Cust, Gov Rel, Inf pol), (N & R) (A) 10, (Inv Tech etc) 14, (Val) 9, (St) 21, (N & R) 2, (Soc, cust etc) 5 N 38 n/a 4: (A), (N & R), (St), (CG) N : (CG & N), ( R), (A) (CG&N) 5, ( R) 3, (A) 9 N : (St), (A), (Inv), (HR & R), (Rel, Ene Eff, Inn) (St) 12; (A) 12; (HR & R) 8, (Inv) 10; (Rel, Ene Eff, Inn) 12 N 7 7 3(A); (HR & R); (St) N 4 4 3: (A), (R & N), (HSE) (A) 3; (R & N) 3; (HSE) 2 N 9 9 5: (St), (A, F, Ri), (N, R, CG), (Et & Co), (Ir & Dp) (St) 15, (A, F, Ri) 13, (N, R, CG) 9, (Et & Co) 6, (Ir & Dp) 7 N 4 4 1(A) N : (CM), (HR & R), (A), (ID) N : (A), (N & R), (St) (A) 6, (N & R) 5, (St) 1 N : (A), (St), (Pe & R) (A) 12, (St) 8), (Pers & R) 8 Y : (A), (N & R), (Inv & D), (CR) (A) 5, (N&R) 5, (Inv & D) 8, (CR) 5 N 2 2 2: (A), (Inv) N 9 9 3: (A), (HR & R), (St & CG) (A) 12, (HR & R) 6, (St & CG) 13 N PA Pe Ri Ri M Rel SPl Soc St Project Assurance Personnel Risk Risk Management Reliability Social Policies Society Strategy St pl Strategic planning Tech Pol Technical Policy Val Valuation in abs. in absentia 23

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