• The capitals
• Materiality
• Stakeholder relationships
• Strategic focus and future orientation

Key observations:

The report is structured logically and is easy to follow, providing an overview and understanding of the company’s scale and technological advantages. Starting with the section, “Strategy of Efficient Development” together with “Rosneft Geography of Operation”, the discussion provides readers with a good understanding of what the company does and where the company operates as well as the company’s market position.

‘Key medium-term value drivers’ are identified in the report and this information conveys the strengths of the company. These drivers are common across all three major business activities and are thoroughly explained in the later chapters. These key drivers correspond to the International <IR> Framework’s capitals. While the company’s main focus is placed on financial capital (i.e. cost efficiency and capital discipline, liquidity and dividend), intellectual capital (i.e. capability, access to technology and license) and social and relationship capital (i.e. investor relations) are also acknowledged.

In addition, these opening pages provide an insight into the 2013 plans, progress made against these plans, with an indication of where the business is focusing future efforts.  Putting this content into context, Rosneft provides an overview of how the business compares within its peer group.

Overall the report is designed to showcase the evidential facts that substantiate the viability of the company’s strategy and the progress which has been made to date.