27 June 2014
The General Meeting of Shareholders of Bank Vozrozhdenie summarizing results of the year of 2013 was held today.
The Meeting recognized Bank Vozrozhdenie financial results as satisfactory and approved the bank’s Annual Report, Annual Financial Statements, and profit distribution for 2013.
The General Meeting of Shareholders set July 8, 2014 as the date of compelling the list of persons entitled to receive dividends and approved dividends payment in the amount of 5% of nominal value for ordinary shares and 20% of nominal value for preferred shares. Total amount of dividends to be paid totals 14,463,357 rubles.
“Although the past year was very difficult from the point of view of risk management, the bank again evidenced resilience of its strategy. The bank’s equity increased by 8%, reaching RUB 22.4 billion by the year end, and the level of operating income remained stable. The consistent IT development, the active marketing of the remote banking channels followed by improvements of the business model operating efficiency should become the main driving force behind the further development of the bank. Our bank has always been and will continue being distinguished in the future for a high level of personal service for everyone who comes to our offices”, commented Dmitry Orlov, the Chairman of the Board of Directors.
Following the results of the Board of Directors and its Committees’ activity, the Meeting adopted a decision to pay remuneration to the Chairman of the Board of Directors, independent and non-executive members of the Board. In accordance with the Regulation on remunerations and compensations for members of the Board of Directors, executive directors (members of the Management Board and the Chairman of the Management Board) are not paid any remuneration.
Significant changes in the current legislation regarding procedure of holding the General Meeting of Shareholders, Board of Directors competence, independence criteria as well as specified requirements to the qualification and business reputation of the credit organisations’ management were reflected in the approved amendments to the Articles of Association and other internal documents regulating the activity of the bank’s management bodies.
The General Meeting of Shareholders elected the Board of Directors, which membership remained unchanged compared to the previous year.
The Meeting elected the Audit Commission in the same composition as in the previous year, and approved deals with interested parties that might be concluded on standard terms and conditions during the period until the next General Meeting of Shareholders.
ZAO PricewaterhouseCooper’s Audit, one of the worldwide leaders in audit services, was approved as the official auditor of the bank.
The first meeting of the newly elected Board of Directors took place straight after the annual General Meeting of Shareholders. Mr. Dmitry Orlov was elected as the Chairman of the Board of Directors and Mr. Otar Margania — as the Deputy Chairman of the Board of Directors.
The Board of Directors also elected members of the Audit Committee and the Human Resources and Compensation Committee and considered the draft Activities Plan of the Board of Directors for the period till the next annual General Meeting of Shareholders.