Corporate Governance Principles

Vozrozhdenie Bank has been aspiring to follow high corporate governance standards for more than two dozen years. The internal corporate governance system is aimed at achieving the following goals:

  • Bank management should be carried out at the proper level of responsibility and accountability in such a way as to maximise business worth for shareholders’ benefit
  • The Board of Directors and the bank’s executive bodies must work effectively for the benefit of the bank and its shareholders (including minority shareholders) and create conditions for sustainable growth of business value
  • Appropriate information disclosure, transparency, effective risk management and internal control systems should be organised

The bank’s corporate governance system complies with the requirements of the Russian legislation, and is constantly being improved on par with the introduction of new requirements. Particular attention is given to improving managerial decision-making, enhancing information transparency, further development of risk management and internal control systems as well as strengthening control over compliance with federal laws regulating the procedures of preventing misuse of insider information and market manipulation.

Amendments to the Articles of Association and internal documents regulating activities of the bank’s management bodies were approved last year due to considerable changes in the existing legislation regarding the procedures of holding the General Meeting of Shareholders, competence of the Board of Directors, independence criteria as well as changes for specifying the requirements for the qualifications and business reputation of credit institutions’ managers.

Based on the new Moscow Exchange listing rules and the new Corporate Governance Code recommended by the Bank of Russia, the Board of Directors approved new editions of Regulations on the Audit Committee, the Human Resources and Compensation Committee, the Internal Audit Service and the bank’s information policy.

My Report

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