Committees of the Board of Directors

Two committees have been established under the Board of Directors: the Audit Committee and the Human Resources and Remuneration Committee. They are responsible for providing recommendations and expertise to the Board of Directors regarding key issues within their competencies.

Audit Committee

The Audit Committee submits recommendations to the Board of Directors on the appointment of an external auditor and assesses the auditor’s opinion on the Bank’s financial statements. In addition, the Committee evaluates existing procedures for internal control and provides recommendations for their improvement.

The Audit Committee was elected on 25 June 2010, in accordance with the Board of Directors’ decision. Its members are V Panskov (Chairman of the Committee), V Zhigulich and N Zatsepin. The Committee held eight meetings in 2010.

In 2010, in accordance with the schedule of activities planned for the year, the Committee carried out a preliminary review of the:

In addition to a quarterly review of reporting, carried out by the Central Bank, the Committee’s schedule for 2011 includes:

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Human Resources and Remuneration Committee

The Human Resources and Remuneration Committee develops the principles and criteria for establishing the amount of remuneration paid to members of the Board of Directors, the Chairman and members of the Management Board. The Committee also defines requirements applied to candidates for the Chairman and members of the Management Board and members of the executive bodies. It also carries out regular assessments of the activity of the Chairman and members of the Management Board and provides recommendations regarding the renewal of their contracts.

The Human Resources and Remuneration Committee was elected on 25 June 2010, following approval by the Board of Directors. O Margania withdrew his membership due to his election as the Chairman of the Board of Directors. The newly elected members are M Eskindarov (Chairman of the Committee), N Mikhailkov and Y Poletaev. The Committee held four meetings in 2010.

In 2010, the Human Resources and Remuneration Committee:

The Committee’s work schedule for 2011 includes:

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