The Strategic Planning Committee held 15 meetings during the reporting year. The Committee prepared recommendations for the Russian Railways Board of Directors to adopt decisions, including on the following matters:

• On drafts of the consolidated financial plan of Russian Railways and its main subsidiaries and the investment programme of Russian Railways for 2015 and the planned period of 2016 and 2017;
• On a comparative analysis of the corporate governance standards employed by Russian Railways and the key provisions of the Corporate Governance Code approved by the Board of Directors of the Bank of Russia on 21 March 2014;
• On the implementation status of the Moscow-Kazan High-Speed Railway;
• On an analysis of Russian Railways subsidiaries and affiliates concerning their further development or inclusion in the sales plan. Improved efficiency of the governance system of Russian Railways subsidiaries and affiliates;
• On the implementation of structural reform measures and a Target Model of the Freight Railway Transportation Market until 2015 by Russian Railways in 2013;
• Analysis of the tariff regulation system for railway transportation activities and proposals for its improvement;
• On the implementation status of the project to rebuild and modernise the Baikal-Amur and Trans-Siberian Mainlines;
• On the implementation status of the project to establish UTLC.

The Audit and Risk Committee held four meetings during the reporting year. The Committee prepared recommendations for the Russian Railways Board of Directors to adopt decisions, including on the following matters:

• On changes to the stake of Russian Railways in the Company’s S&A;
• On the approval of the price (monetary estimate) of property contributed as payment for a stake in the charter capital of Russian Railways S&A;
• On determining the position of Russian Railways (representatives of Russian Railways) at meetings of the boards of directors of Russian Railways subsidiaries and affiliates on matters concerning the approval the budget of Russian Railways subsidiaries and affiliates;
• On recommendations for the Annual General Meeting of Shareholders on agenda items (approval of the Company’s auditor, annual report and accounting (financial) statements, including a statement on financial results, as well as the distribution of the Company’s net profit for the year and the payment of dividends).

Russian Railways Corporate Finance Department Head Olga Gnedkova takes part in the work of the Audit and Risk Committee under the Russian Railways Board of Directors as a permanent invitee with the right to provide advice on agenda items.

The Personnel and Remuneration Committee held five meetings during the reporting year. The Committee prepared recommendations for the Russian Railways Board of Directors to adopt decisions, including on the following matters:

• On the draft Regulation on Remuneration and Compensation Paid to Members of the Russian Railways Audit Committee;
• On the draft Regulation on Remuneration and Compensation Paid to Members of the Russian Railways Board of Directors;
• On the approval of the updated motivation system for members of the Russian Railways Management Board and key Company executives;
• On recommendations for the Russian Railways Annual General Meeting of Shareholders concerning the payment of remuneration to members of the Russian Railways Board of Directors for 2013;
• On organising the execution of directives of the Russian Government on improving labour productivity at the Company and on amendments to the Company’s long-term development programme.

Russian Railways Vice President Dmitry Shaganov, Russian Railways Corporate Secretary Andrey Starkov and Russian Railways Economics Department Irina Kostenets take part in the work of the Personnel and Remuneration Committee under the Russian Railways Board of Directors as permanent invitees with the right to provide advice on agenda items.