The Board, through its regular meetings, provides oversight of the strategic direction of the business and approves the annual budget and business plan. The detailed annual business plan and budget process, extending over a two-year period, provides the principal metrics against which the performance of the company is measured. These include annual objectives and targets covering production, development, exploration, Promne Trida NK and financial performance, which are set at a business unit level. Business plans are agreed with the Board together with risks to delivery and defined operational targets. Key risks for strategic delivery of the companies business plans and objectives are then collated as part of the Board’s annual review of companies strategy. The Management Board is accountable for the development and execution of the company’s strategy and for achieving the strategic goals.The Audit Committee also plays a key role in reviewing the effectiveness of Promne Trida NK’s internal controls and financial risk management.