Evaluation of the work of the Supervisory CouncilEvaluation of the work of the Supervisory Council
VTB Bank conducts an annual assessment of its corporate governance system. The assessment also includes a self-evaluation of the activities of the Supervisory Council based on a questionnaire completed by the members of the Council pursuant to the Methodology for Assessing the Bank’s Corporate Governance System approved by the Supervisory Council’s Strategy and Corporate Governance Committee.
In accordance with the Methodology, the Bank’s corporate governance system is assessed according to the following components:
- division of powers between management bodies;
- organisation of the activities of the Supervisory Council;
- approval of the Bank’s development strategy and oversight of its implementation;
- coordination of risk management;
- prevention of conflicts of interest on the part of shareholders, members of the Supervisory Council, the Bank’s executive bodies and Bank employees;
- relations with affiliated parties;
- determination of rules and procedures ensuring compliance with the principles of professional ethics;
- coordination of the disclosure of information about the Bank;
- monitoring the internal control system.
The results of the assessment revealed that the members of the Supervisory Council highly rated the maturity of the Bank’s corporate governance system. The average assessment score was 3.95 points (98.75% of the highest possible score), an increase from 3.91 in 2019. The score has remained steadily above 3.9 over the past five years.
In 2020, all of the assessed components either increased or remained the same as in 2019. Increases were noted for the following components: coordination of the disclosure of information about the Bank (from 3.90 to 3.97), approval of the Bank’s development strategy and oversight of its implementation (from 3.73 to 3.76), division of powers between management bodies (from 3.87 to 3.93) and determination of rules and procedures ensuring compliance with the principles of professional ethics (from 3.87 to 3.96). In the final results, four components received the maximum score of 4.00 points; the remaining five received scores between 3.76 and 3.97 points.