The Supervisory Board is a collective body and the key element of the bank’s corporate governance system. It represents shareholders’ interests and is responsible for increasing the value of the business by formulating the long-term strategy, defining principles and approaches to arranging a risk management system and internal controls, and by monitoring performance of the bank’s executive bodies.
The Supervisory Board’s competence is set out in the bank’s Charter and the Regulation on the Supervisory Board of CREDIT BANK OF MOSCOW, which also specifies the procedure for convening and holding Supervisory Board meetings, and formulates the basic qualification requirements for Supervisory Board members.
Supervisory Board meetings are called according to a timetable of meetings to be approved by the Supervisory Board, and cover main issues of the bank’s operations.
Preparation of Supervisory Board Meetings and Their Quorum
The Charter requires that materials relating to the agenda be provided to Supervisory Board members 15 days prior to the relevant meeting so as to allow them to make reasonable decisions. The Supervisory Board seeks to make any resolutions on agenda items at in-person meetings after they are first considered at meetings of the Supervisory Board committees. The Supervisory Board’s work plan pre-defines which committee is to examine and scrutinise which matter. The Regulation on the Supervisory Board covers the procedure for preparing and holding Supervisory Board meetings.
When holding in-person meetings, Supervisory Board members also have business meetings as business dinners, where they informally discuss colleagues’ (including the Chairman of the Management Board and a representative of the majority shareholder) viewpoints in respect of agenda items.
No Supervisory Board meeting was adjourned for want of quorum.