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        <a name="top"></a>
           <h1>Achievements in 2011</h1>
<p>Bank Vozrozhdenie’s corporate governance system is one of the most developed in Russia. It ensures equal rights for all shareholders, including minorities, and gives them the opportunity to influence the business through voting at general meetings of shareholders. The system is based on Russian legislation and further development in line with best international practices.</p>
<p>The Articles of Association define the corporate governance principles and procedures; the authority and responsibilities of each level of management; and the work of the internal control and audit system. The main objectives are given in the Corporate Conduct Code and Code of Corporate Ethics. They include:</p>
<ul>
<li>Increase information transparency</li>
<li>Improve management processes</li>
<li>Reduce risk exposure</li>
<li>Prevent conflicts of interest</li>
<li>Adhere to ethical principles in relationships with all interested parties</li></ul>
<p>Last year, the Bank undertook considerable efforts to streamline decisionmaking
processes, improve risk-management mechanisms, and ensure that internal procedures comply
with best international practice and amendments to local legislation.</p>
<p>In particular, the Bank created procedures to manage and safeguard insider information, optimized internal documents that regulate the work of the Board of Directors and its committees, and streamlined approaches to managing stock, market, interest-rate and regulatory risks. The reporting procedures to the Board of Directors were also updated.</p>
<p>In accordance with Central Bank recommendations, the Board of Directors conducts an annual assessment of the quality of corporate governance. This evaluates the distribution of responsibilities between management bodies, the organization of the Board’s work, relations with affiliated parties, compliance with principles of professional ethics, and information disclosure. Based on the results, measures are devised to streamline the system of corporate governance, and a plan for the following year is approved.</p>
<p>In 2012, The Bank plans to assess the efficiency of the activities of the Board and management bodies, continue to enhance procedures for controlling insider information, and introduce measures to increase information transparency.</p>

 
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