25 May 2004 09:31
A.O. Tatneft - Result of Meeting
RNS Number:0342Z A.O. Tatneft 25 May 2004 PRESS RELEASE February 12, 2004 UNITED STATES SECURITIES AND EXCHANGE
COMMISSION Washington, D.C. 20549 Report of Foreign Issuer February 12, 2004 Pursuant to Rule 13a-16 or 15d-16 of of
Securities Exchange Act of 1934 OAO TATNEFT (also known as TATNEFT) (name of Registrant) 75 Lenin Street Almetyevsk,
Tatarstan 423450 Russian Federation (Address of principal executive offices) Indicate by check mark whether the
registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F...X.... Form 40-F........
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby
furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes...... No...X.... February 12, 2004 OAO Tatneft has issued today the following press-release: Press Release
------------- Pursuant to the provisions of the Sarbanes-Oxley Act (2002) and the requirements of U.S. and Russian
securities market regulation laws, OAO Tatneft has been working on conforming its corporate governance and disclosure
practices to generally accepted standards. In early February 2004, at a meeting of executive officers of OAO Tatneft,
V.I. Gorodni, Deputy General Director and Head of Property Department, made a report on compliance with OAO
Tatneft's approved Corporate Governance Code, which includes sections on property management, information
disclosure, corporate culture, etc. In accordance with the Code, an audit committee and a disclosure committee of OAO
Tatneft's Board of Directors have now been established and are functioning. The Corporate Governance Code is
currently being studied within the Tatneft group, and appropriate employee certification in the company's
structural and subsidiary subdivisions will be conducted in the future. On February 3, 2004, OAO Tatneft's audit
committee met for the first time, chaired by R.R. Gaizatullin, Member of the Board of Directors of OAO Tatneft and
Minister of Finance of the Republic of Tatarstan, with the following committee members being present: A.A. Sokolov,
Member of the Board of Directors of OAO Tatneft and Chairman of the Executive Committee of Bank Zenit; R.Kh. Muslimov,
Member of the Board of Directors of OAO Tatneft and state counsel to the President of the Republic of Tatarstan on
subsoil use, oil and gas matters. A number of organizational matters were considered at the meeting: the chairman of the
audit committee was elected and the issue of OAO Tatneft's external auditor was discussed. A working group
consisting of representatives of the company's management was created to assist the audit committee in performing
its functions. Work on implementing advanced corporate governance practices will continue in 2004. New committees of the
company's Board of Directors - a corporate governance committee and a personnel and compensations committee - are
expected to be established as required by the Russian and U.S. exchanges on which OAO Tatneft shares are listed. The
group of independent directors within the Board of Directors will be strengthened. The Company's shareholders have
nominated 16 candidates to the Board of Directors of OAO Tatneft, including independent directors. A new Board of
Directors will be elected at the next annual shareholders' meeting of the company. SIGNATURES Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized. OAO TATNEFT By: /Victor I. Gorodny/
--------------------------------- Name: Victor I. Gorodny Title: Deputy General Director - Head of Property Department
Date: February 12, 2004 This information is provided by RNS The company news service from the London Stock Exchange
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