Committees of the Supervisory CouncilCommittees of the Supervisory Council

The Supervisory Council has standing committees that support the effective implementation of the Council’s managerial and supervisory functions and that provide preliminary detailed analysis and recommendations regarding the issues that the Council deems most important.

At the end of 2020, the Supervisory Council had the following committees:

  • Strategy and Corporate Governance Committee;
  • Audit Committee;
  • Staff and Remuneration Committee.

Strategy and Corporate Governance Committee

In the reporting year, the Strategy and Corporate Governance Committee provided recommendations to the Supervisory Council regarding key issues of strategic and business planning: the Committee also reviewed and recommended for approval the Strategy for Risk Management, the Investment Programme for 2020, reports on realisation of the Bank’s Long-Term Development Programme and IT Strategy in 2019. Special attention was paid to questions relating to corporate governance: the Committee evaluated the results of the Supervisory Council’s performance review, which, for the first time, was conducted with the help of an independent consultant; an updated edition of the Bank’s Code of Ethics, which was supplemented with new norms regarding comprehensive management of conflicts of interest, was recommended for approval.
Andrey Kostin Committee Chairman
Representative of the state

Committee members

Костин Андрей Леонидович
Andrey
Kostin
(Committee Chairman
Representative of the state)
Моисеев Алексей Владимирович
Aleksey
Moiseev
(Civil servant)
from 28 September 2020
Варниг Артур Маттиас
Matthias
Warnig
(Representative of the state)
Сидоренко Валерий Валерьевич
Valery
Sidorenko
(Civil servant
from 28 September 2020
Репин Игорь Николаевич
Igor
Repin
(Independent director)
Соколов Александр Константинович
Alexander
Sokolov
(Professional director)


Дубинин Сергей Константинович
Sergey
Dubinin
(Representative of the state)
(until 24 September 2020)
Тарасенко Оксана Валерьевна
Oksana
Tarasenko
(Civil servant)
(until 24 September 2020)
Чистюхин Владимир Викторович
Vladimir
Chistyukhin
(Representative of the state)
(until 24 September 2020)


MAIN TASKS:

  • determining the Bank’s strategic goals and development priorities for the short, medium and long term, and monitoring of the achievement thereof;
  • supporting and improving the Bank’s corporate governance system;
  • improving the strategic management of the Bank’s capital.
Statistics on the participation of members of the Strategy and Corporate Governance Committee in meetings / absentee voting until 24 September 2020
Statistics on the participation of members of the Strategy and Corporate Governance Committee in meetings / absentee voting from 28 September 2020

KEY AREAS OF WORK IN 2020

Strategic objectives and priorities:

  • business plan and financial and economic plan (budget) for 2021;
  • report on the implementation of VTB Bank’s Long-Term Development Programme for 2014–2019 and the results of a review of its implementation for 2019;
  • progress report on the implementation of the IT strategy for 2017–2019 in 2019;
  • Operational Efficiency and Cost Reduction Programme for 2020;
  • investment programme for 2020.

Capital management:

  • distribution of profits for 2019 and determination of the amount of dividends to be paid out;
  • risk and capital management strategy;
  • updating the plan to restore financial stability;
  • new version of the Programme for the Divestment of Non-core Assets;
  • merger of Vozrozhdenie Bank and BM-Bank;
  • the Bank’s participation in new companies;
  • changes in the Bank’s share participation in subsidiaries (CityBike, Sarovbusinessbank, Ryabinovaya);
  • changes in the charter capital of subsidiaries (BP Pechatniki) .

Corporate governance:

  • results of the assessment of VTB Bank’s corporate governance and the results of the external assessment of the work of the Bank’s Supervisory Council for 2019;
  • new version of the Code of Ethics;
  • new versions of the Procedure for Managing the Most Significant Risks and the Regulation on the Risk Management System.

Corporate governance:

  • results of the assessment of VTB Bank’s corporate governance and the results of the external assessment of the work of the Bank’s Supervisory Council for 2019;
  • new version of the Code of Ethics;
  • new versions of the Procedure for Managing the Most Significant Risks and the Regulation on the Risk Management System.
28 28
issues were considered by the Strategy and Corporate Governance Committee in 2020

Audit Committee

The work of the Audit Committee in 2020 assisted the Supervisory Council in monitoring the Bank’s financial position, level of risks taken and performance. Thanks to the coordinated work of management, the Bank was able to successfully respond to “viral” challenges of an economic and social nature last year and to make significant advancements in terms of the digitalisation of the business, while maintaining consistently high global reporting standards ensured that shareholders and regulators were provided with a reliable and operational picture of the Bank’s financial position.
Yves Thibault de Silguy Committee Chairman, Senior independent director

Committee members

Де Сильги Ив Тибо
Yves Thibault
de Silguy
(Committee Chairman,
Senior independent director)
Репин Игорь Николаевич
Igor
Repin
(Independent director)
Маммадов Исрафил Айдын оглы
Israfil
Mammadov
(Independent director)
from 28 September 2020


Мовсумов Шахмар Ариф оглы
Shahmar
Movsumov
(Independent director)
(until 24 September 2020)


MAIN TASKS:

  • ensuring the completeness, accuracy and reliability of the Bank’s financial statements;
  • ensuring the reliability and performance of the risk management and internal control system;
  • ensuring the independence and objectivity of the implementation of the internal and external audit functions.
Statistics on the participation of members of the Audit Committee in meetings / absentee voting until 24 September 2020
Statistics on the participation of members of the Audit Committee in meetings / absentee voting from 28 September 2020

KEY AREAS OF WORK IN 2020:

  • discussion of the measures taken by the Bank to help the public and small businesses, including within the framework of state programmes to support the country’s economy during the pandemic, as well as the development of options for remote customer service and business digitalisation;
  • assessment of oversight mechanisms for the approval of and subsequent support for projects for VTB Bank’s digital development;
  • discussion of strategic issues related to the Bank and the Group’s development and risk management, including qualitative changes in the corporate and retail loan portfolios and the results of market, operational and compliance risk management during the pandemic;
  • regular review of VTB Bank’s consolidated IFRS financial statements and quarterly monitoring of the financial results of VTB Group;
  • analysis of initiatives implemented by VTB aimed at maintaining the effectiveness of the internal control system in combating money laundering and the financing of terrorism;
  • analysis of initiatives implemented by VTB aimed at maintaining the effectiveness of the internal control system in combating money laundering and the financing of terrorism;
  • oversight of the annual open tender for the external auditor, including the provision of recommendations on candidates to the Supervisory Council;
  • coordinating with the external auditor, assessment of the external auditor’s report and recommendations provided as part of the audit process and of the review of the Bank’s and Group’s interim and annual RAS and IFRS financial statements;
  • preliminary review of matters related to the Bank’s Internal Audit Department: analysis of the schedule for internal auditing, discussion of reports of the Internal Audit Department on significant violations and shortcomings discovered at VTB Bank and its subsidiaries, recommendations by internal audit and external supervisory bodies to further improve the procedures involved in internal and external auditing;
  • discussion of issues related to the further development of the internal audit function;
  • review of other matters related to the Bank’s activities, including pursuant to particular assignments from the Supervisory Council.
33 33
issues were considered by the Audit Committee in 2020

Staff and Remuneration Committee

Throughout 2020, the committee provided required recommendations to the Supervisory Council regarding questions relating to changes in the composition of the Management Board, the determination of key performance indicators, remuneration of the members of the Management Board and other issues within the remit of the committee.
Igor Repin Committee Chairman from 28 September 2020 (Independent director)

Committee members

Репин Игорь Николаевич
Igor
Repin
(Independent director)
from 28 September 2020
Де Сильги Ив Тибо
Yves Thibault
de Silguy
Committee Chairman
(Senior independent director)
Маммадов Исрафил Айдын оглы
Israfil
Mammadov
(Independent director)
from 28 September 2020


Дубинин Сергей Константинович
Sergey
Dubinin
Committee Chairman
until 24 September 2020
(Representative of the state)
Мовсумов Шахмар Ариф оглы
Shahmar
Movsumov
Independent director
(until 24 September 2020)

MAIN TASKS:

  • ensuring continuity in the activities of the Bank’s executive bodies and the Statutory Audit Commission;
  • arranging a performance assessment of the Bank’s executive bodies and the Statutory Audit Commission;
  • review of the Bank’s HR policy, including in terms of remuneration and oversight of its implementation;
  • assistance in ensuring compliance with the legal requirements governing the activities of members of the Bank’s executive bodies and the Statutory Audit Commission.
Statistics on the participation of members of the Staff and Remuneration Committee in meetings / absentee voting until 24 September 2020
Statistics on the participation of members of the Staff and Remuneration Committee in meetings / absentee voting from 28 September 2020

Key areas of work in 2020:

  • formation of the Supervisory Council and the Statutory Audit Commission;
  • consideration of the status of independent members of the Supervisory Council;
  • determination of the amount of remuneration for work on the Supervisory Council and the Statutory Audit Commission;
  • proposals for improving the incentive and remuneration system for members of the Bank’s Management Board;
  • proposals on key performance indicators for assessing the performance of the President and Chairman of the Bank’s Management Board and of members of the Management Board;
  • other issues within the remit of the committee.
15 15
issues were considered by the Staff and Remuneration Committee in 2020