Governance structure of Vnesheconombank
In line with Federal Law No.
The Supervisory Board is Vnesheconombank’s supreme governance body that comprises 8 members appointed by the Russian Government for a
Meetings of Vnesheconombank’s Supervisory Board are convened by the Chairman of Vnesheconombank’s Supervisory Board or by a member of the Supervisory Board designated by the Chairman of Vnesheconombank’s Supervisory Board as may be necessary, but no more than once per quarter.
The powers of the Supervisory Board:
- determine the key business areas of Vnesheconombank;
- approve the regulations on governing bodies, branches and representative offices of Vnesheconombank and approve the Annual Report;
- approve the financial plan of income and expenditure (budget) of Vnesheconombank;
- approve the appointment of an auditor for the annual mandatory audit of the Bank’s annual financial statements;
- appoint the head of the Internal Control Service and dismiss him or her from office before expiry of the relevant term;
- adopt decisions on issuing Vnesheconombank’s bonds;
- approve major transactions.
The Chairman of Vnesheconombank
The Chairman of Vnesheconombank provides day-to-day management of Vnesheconombank’s operations and acts as the sole executive body of Vnesheconombank. The Chairman of Vnesheconombank is appointed to this office by the President of the Russian Federation as recommended by the Chairman of the Government of the Russian Federation.
Vnesheconombank’s Management Board
The Management Board acts as Vnesheconombank’s collective executive body. The Management Board comprises the Chairman of Vnesheconombank and 8 members of the Management Board appointed by the Supervisory Board as recommended by the Chairman of Vnesheconombank. The Management Board’s activities are managed by the Chairman of Vnesheconombank.
Vnesheconombank’s Internal Control Service
Vnesheconombank’s Internal Control Service (ICS) is a standalone structural unit of Vnesheconombank. The ICS’ director is accountable to the Bank’s Supervisory Board and directly reports on his or her day-to-day activities to Vnesheconombank’s Chairman. Vnesheconombank ensures that the ICS operates on an ongoing, independent, unbiased and professional basis and that the ICS is able to efficiently perform its functions without any constraints.
- contribute to the efficient and sucessful financial and business performance of the Bank;
- follow up the accounting and reporting for reliability, completeness, fairness and timeliness;
- follow up compliance by all employees of the Bank with the requirements of legal and regulatory acts of the Russian Federation, other regulatory requirements, and corporate regulatory documents, including those related to its operations in the securities market;
- on an ongoing basis, follow up (monitor) the operation of the Bank’s internal control system, including as a professional player in the securities market;
- follow up operations of standalone structural units for efficient risk management and prevention of conflicts of interests between the Bank’s units and/or employees;
- follow up the implementation of anti money laundering measures.
Vnesheconombank’s collegial working bodies
Vnesheconombank’s collective working bodies (committees) operate on a permanent basis. The key committees include the Committee for Development of Investment Operations, Credit Committee, Asset and Liability Management Committee, and Budget Committee. They prepare recommendations with regard to decisions on the Bank’s core business areas to be adopted by Vnesheconombank’s governing bodies.
The Expert Council
The Expert Council acts as a deliberative and advisory agency of Vnesheconombank that provides an in-depth analysis of Vnesheconombank’s key business areas and prepares proposals on decisions to be made by the Bank’s governing bodies.
Appointments to the Expert Council are subject to approval by Vnesheconombank’s Management Board. The candidates are selected among researchers, employees of research and educational institutions, and representatives of the business community. In 2013, the Expert Council held 3 meetings.