The annual General Shareholders Meeting of Gazprom has approved a price of services acquired by Gazprom under a Gazprom Board of Directors and Management Committee Members liability insurance agreement.

Background:

The openly held competition for the right to conclude an agreement for the Gazprom Board of Directors and Management Committee Members liability insurance has been won by SOGAZ.

Liability insurance is construed in this case as protection of Gazprom’s property interests as well as protection of Gazprom’s Board of Directors and Management Committee Members related to the statutory obligation to compensate shareholders, creditors or any third parties for the damage caused as a result of unintentional wrongful acts (negligence) of the insured persons performing managerial activities. The availability of a liability insurance agreement is a guarantee of financial support for expenses in the event of claims connected with Gazprom’s activity both in Russia and abroad.

Liability insurance of a company’s top management is an efficient standard international practice.