19 February 2014
Mr. Dmitry Orlov, Chairman of Bank Vozrozhdenie Board of Directors, was recognized as the Best Banking Chairman of the Board, Russia 2014 by Global Banking & Finance review information portal.
“This award proves that strengthening the Board of Directors’ role is a strong step in the course of our corporate governance structure further development. During the past years Russia tended to implement international best practices and we, at Bank Vozrozhdenie always tried to be one step ahead, strongly believing that properly-built corporate governance system is a sound foundation for a successful business-model and one of our key competitive advantages”.
During the last two years the Board of Directors authorities were significantly widened and its participation in the bank’s strategy development and control over its implementation in the bank’s daily activity increased dramatically. The Board pays specific attention to the improvement of the executive bodies’ decision-making process, enhancing the bank’s information transparency level, continuous development of the risk management and internal control systems as well as toughening control over compliance with the legislation on combating misuse of inside information and market manipulation.
Strongly determined for successful meeting its objectives the Board of Directors has recently approved a number of internal regulations on risk management and on executives’ reporting to the Board. It has also improved processes of accessing and securing confidentiality of inside information as well as amended the bank’s information policy in order to ensure more complete disclosure of information sensitive to shareholders and investors that is necessary for their making reasonable investment decisions.