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Composition of Supervisory Board

Provisions of the Federal Law “On Development”

Powers of Vnesheconombank Supervisory Council

The Chairman of the Russian Government, Vladimir Putin, is the Chairman of the Supervisory Board

 Supervisory Board members are:

First Deputy Chairman of the Russian Government – Viktor Zubkov
Deputy Chairman of the Russian Government – Sergey Ivanov
Deputy Chairman of the Russian Government -  Dmitry Kozak
Deputy Chairman of the Russian Government, Finance Minister -  Alexei Kudrin
Economic Development Minister – Elvira Nabiullina
Transport Minister - Igor Levitin
Russian Industry and Trade Minister – Viktor Khristenko.

Moreover, Vnesheconombank Chairman Vladimir Dmitriev is ex-officio a member of the Supervisory Board

Under the Federal Law “On Development Bank” the Supervisory Council shall be Vnesheconombank supreme management body. The Supervisory Council shall be comprised of its eight members and the Chairman of Vnesheconombank. The Russian Prime Minister shall be the Chairman of the Supervisory Council. Members of the Supervisory Council are to be appointed by the Russian Government for a period of five years. Meetings of the Supervisory Council shall be called by the Chairman of Vnesheconombank’s Supervisory Council or  this Council member authorized by the Chairman of Vnesheconombank’s Supervisory Council as required but at least once a quarter.

1. As Vnesheconombank performs its functions its Supervisory Board:

1. determines Vnesheconombank’s main lines of business based on the Memorandum approved by the Russian Government;
2. approves regulations on Vnesheconombank management bodies;
3. approves regulations on Vnesheconombank branches and representative offices;
4. approves Vnesheconombank’s annual report;
5.  approves Vnesheconombank’s revenues and expenses plan (budget);
6. makes decisions to set up branches, open representative offices and form legal entities;
7. approves an auditing firm selected on a competitive basis to carry out an annual  mandatory audit of Vnesheconombank’s financial statements;
8. hears reports by  the Chairman of Vnesheconombank on Vnesheconombank’s activity;
9. makes decisions to appoint head of Vnesheconombank internal control service and to early terminate his powers;
10. makes decisions on issuing bonds by Vnesheconombank and determines a procedure for issuing securities in accordance with applicable Russian legislation;
11. specifies parameters of Vnesheconombank’s investment and financial activities within the limits of powers granted to the Bank by the Memorandum;
12. makes decisions to approve transactions or several interrelated transactions associated with Vnesheconombank’s purchase, alienation or potential alienation of assets the balance-sheet value of which is 10 percent or more of Vnesheconombank’s own funds (capital) size as of the last accounting date preceding the date of taking a decision to enter into such transactions;
13. exercises other powers provided for by this Federal Law.

2. Powers of Vnesheconombank’s Supervisory Council provided for by this Federal Law may not be transferred to Vnesheconombank’s Board or to the Chairman of Vnesheconombank.

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