Since the moment of approval, the diagnostics of "LLC Avangard Oil" corporate governance for compliance with the level of best practice corporate governance is annually done. According to the results of diagnostics, the drawbacks in governance system are revealed and the steps for governance quality improvement in the are determined. Also, on the basis of diagnostics results, the measures on corporate governanc improvement are hold for its compliance with the world best practice. Diagnostics results demonstrate positive tendency of corporate governance development in the company. High level of impacts not only economic indicators of the company activity, transparency improvement, full-value of decision making but, also, produces positive effect on investors’ perception of the company.

The compliance of level with the requirements of best available practice in accordance with international standards in 2018 amounted to 60,8% compared to 60,9% in 2019. One shareholder has selected a model, including participants shareholder, board of directors, the board and centralized internal audit service. Efficient corporate governance is one of the crucial drivers for improvement of the company competitiveness.

Development of the company is impossible without an efficient structure in place that regulates the relations between the board of directors, the executive board and the shareholders, without investors being sure that the company’s management spends their funds in a reasonable manner to achieve capitalization growth.