Bank Vozrozhdenie Board of Directors held its regular meeting

20 June 2014

June 20, Moscow

Today Bank Vozrozhdenie Board of Directors held its regular meeting.

Some of the agenda items were preliminary discussed at the meetings of the Audit Committee and the Human Resources and Compensation Committee

The Board of Directors considered the reports summarizing results of work during the period from June 28, 2013 till June 16, 2014 provided by the Committees. According to their approved working plans for the year, the Audit Committee held ten regular meetings and covered 44 issues; the Human Resources and Compensation Committee held five meetings and covered 9 issues. Reports of both Committees include detailed information on considered planned and extraordinary matters as well as on developed recommendations to the Board within established authorities. The Board of Directors recognized activity of the Audit Committee and the Human Resources and Compensation Committee for the period from June 28, 2013 till June 16, 2014 as satisfying.

Besides, the Board of Directors considered and approved the Plan of internal divisions’ reviews to be held by the Internal Control and Audit Service during the second half of 2014 basing on the results of reviews carried out by the Service in the course of the first half of 2014. To comply with the procedure set by the current legislation, the Board also approved the Alterations № 4 to the Articles of Association to be introduced due to change of location (postal address) of the KHIMKI branch of the bank.

As part of activities aimed at continuous improvement of corporate governance, the Board of Directors considered the Report on fulfillment of resolutions of the bank’s Board of Directors during the first and the second quarters of 2014. Within the mentioned period the Board held four regular meetings and adopted 46 resolutions which were therefore executed within due scheduling.

Bank Vozrozhdenie strives to strictly follow the Bank of Russia’s recommendations on modern methods of corporate governance organization at banking institutions. In line with the regulator’s recommendations, defined in the Letter № 11-T dated February 7, 2007 “On the list of issues for assessment of corporate governance”, the Board of Directors approved the Activities plan on corporate governance improvement at Bank Vozrozhdenie for 2013-2014. In accordance with the plan, the Audit Committee was charged to hold the risk management system analysis and develop recommendations on bank risk management strategy for the Board. The Audit Committee prepared the report summarizing the analysis carried out and developed recommendations for the Board of Directors on bank risk management strategy.

Bank Vozrozhdenie was awarded for the support of medium business
Bank Vozrozhdenie holds the Annual General Meeting of Shareholders