May 12, 2020

Severstal’s Audit Committee launches consultation on its draft Audit and Assurance Policy

Severstal’s Audit Committee has launched a consultation process with investors and stakeholders on its draft Audit and Assurance Policy. This governance initiative implements a recommendation of Sir Donald Brydon who issued a report in December 2019 into the quality and effectiveness of audit.

At the same time the Board of Severstal has published its Risk Report and its view of Severstal’s Material Matters which are usually published as part of its Annual Report. This provides investors and stakeholders the opportunity to be informed about the directors’ current assessment of Severstal’s principal risks and material matters, before the Audit Committee endorses the audit and assurance plan.

The introduction to the consultation on the Audit and Assurance Policy by Alun Bowen, the Chair of Severstal’s Audit Committee, is set out at Introduction to consultation and the Risk Report and the report on Severstal’s material matters are set out at Risk Report and Severstal's Material Matters respectively. Alun Bowen, the Chair of Severstal’s Audit Committee, commented: “I am pleased to launch the process to issue Severstal’s first Audit and Assurance Policy, which will be a three-year rolling document. Severstal’s Audit Committee plans to consult widely with its shareholders, relevant stakeholders and other interested parties, and to incorporate their input to produce a relevant, tailored, useful and impactful Audit and Assurance Policy. This initiative is consistent with Severstal’s goal of being the leader of the steel industry in the 21st century. I appreciate you making the time to read the draft Audit and Assurance Policy.” All stakeholders are welcome to send their feedback and suggestions to ir@severstal.com