Annual Report 2013

Governing Bodies

In compliance with the Federal Law “On Bank for Development”, Vnesheconombank’s governing bodies consist of the Supervisory Board, the Management Board and the Chairman of Vnesheconombank.

Supervisory Board – Highest governing body of Vnesheconombank

The Supervisory Board consists of 8 members and the Chairman of Vnesheconombank.

The members of the Supervisory Board of Vnesheconombank are appointed by the Government of the Russian Federation. The Chairman of Vnesheconombank is on the Supervisory Board ex officio.

The Chairman of the Russian Federation Government is the Chairman of Vnesheconombank’s Supervisory Board.

In 2013, 22 meetings held, 121 issues carefully scrutinized.

The key functions of the Supervisory Board are:

  • Defining the major areas of the Bank’s activities;
  • Approving the Bank’s revenues/expenditures plan (budget);
  • Approving the Bank’s annual report and other basic internal documents;
  • Approving an independent external auditor to perform mandatory annual audit of the Bank’s annual financial statements;
  • Appointing Head of the Bank’s Internal Control Department;
  • Making decisions pertaining to approving transactions in compliance with documents regulating the Bank’s activities.

Vnesheconombank’s Management Board – a collegiate executive body of Vnesheconombank

The Management Board consists of Vnesheconombank’s Chairman (ex officio) and 89 Board members appointed by Vnesheconombank’s Supervisory Board.

The Chairman of Vnesheconombank superintends the Management Board activities.

In 2013, 208 meetings held, 888 issues carefully scrutinized.

The Board acts within the powers set forth by the Federal Law “On Bank for Development”, the respective Resolution of Vnesheconombank and in compliance with the established procedures.

In accordance with the established procedures the Management Board, on a regular basis, at least once a month holds its meetings.

8 The number of the Bank’s Management Board is defined by Federal Law No.82-FZ, “On Bank for Development”, dated 17 May 2007.

Chairman of Vnesheconombank – acts as the sole executive body

Vnesheconombank’s Chairman is appointed to office by the President of the Russian Federation on the nomination of the Chairman of the Russian Federation Government.

The Chairman heads the Management Board and manages the Bank’s day-to-day operations.

With a view to supporting the governing bodies’ activities, collegiate working bodies operate at the Bank on a continuous basis. Their functions comprise giving preliminary consideration to issues that come within the competences of the Bank’s executive bodies and preparing the relevant recommendations. These working bodies include: Committee for Strategic Development, Committee for Development of Investment Operations, Credit Committee, Committee on Trust Management of Pension Savings, Budget Committee, Committee for Assets/Liabilities Management, Information and Communication Technology Committee, and Situational Committee.