SUEK GroupIn this Report, each of the terms ‘SUEK’, ‘SUEK Group’, ‘the Group’, ‘the company’, ‘we’ refer to all companies consolidated in the IFRS financial statements of JSC SUEK (Russia), including, inter alia, SUEK LTD, SUEK AG and their subsidiaries. is one of the largest coal companies in the world and the leading coal producer in Russia.
This Integrated Report presents the results of SUEK’s operations in 2017. Also covering SUEK’s subsidiaries, it details operational and financial performance, and provides an overview of corporate and social responsibility activities that took place during the year.
One of the key objectives of this Report is to show how SUEK adapts its strategy and management methods to changing macroeconomic conditions and stakeholder requirements. In particular, the Report examines the relationship between SUEK’s strategy and business model and its social and environmental responsibilities as the largest coal producer in Russia and one of the leading coal producers in the world (for more details see Our Business model pages).
We disclose key strategic goals and risks, enabling stakeholders to understand the company’s plans and the challenges and opportunities we face. In addition, in this Report we aim to challenge and change perceptions, reinforcing the role of coal in ensuring global energy security and improving the lives of billions of people. We also want to showcase the development of new technologies that allow the coal industry to contribute to the world’s energy balance in the most efficient way.
This year, for the second year running, we have aligned our Integrated Report with the principles of integrated reporting, as set out in the International Integrated Reporting Council (IIRC)’s Framework. We also take into account Russian legislative requirements. In our disclosure of non-financial information, we have adhered to the new Global Reporting Initiative (GRI) Standards, which are an evolution of the GRI G4 Guidelines to which we previously reported. In addition, throughout the Report we outline activities which support the United Nations Sustainable Development Goals (SDGs).
This Integrated Report should be read together with our 2017 audited financial statements, prepared in accordance with International Financial Reporting Standards (IFRS). The Report was prepared under the supervision of SUEK’s Chief Financial Officer, with the Audit Committee of the Board of Directors also collectively contributing to its preparation and ensuring its overall integrity. The draft of the Report was approved by the Board of Directors in March 2018 and is subject to be approved by the General Meeting of Shareholders.