24 June 2011
The General Meeting of Shareholders of Bank Vozrozhdenie which reviewed the results for the year 2010 was held today.
The Meeting recognized bank’s financial results as satisfactory and approved Vozrozhdenie’s Annual Report, Annual Financial Statements, Income Statements and profit distribution for 2010.
The General Meeting of Shareholders decided to pay dividends of 5% of nominal value for ordinary shares and 20% of nominal value for preferred shares. Total amount of dividends to be paid is around 14.5 million rubles.
“In the reporting year we had to operate in the environment of low margins and strong pressure from state banks. However, we managed to deliver solid results and even expand our share on core markets. In 2010 we focused on funding costs reduction, loan portfolio growth while maintaining its high quality, and improvement of business processes as well as on offering new high-tech services. As a result, Bank Vozrozhdenie demonstrated better performance on a number of indicators than the average on the Russian banking sector” — said Dmitry Orlov, Chairman of the bank’s Management Board.
Taking into account the bank’s positive financial results for 2010 and efficient performance of independent directors — members of the Bank Vozrozhdenie Committees and the Board of Directors, the General Meeting of Shareholders took a decision to pay remuneration to the members of the Board of Directors.
The General Meeting of Shareholders approved alterations to the Articles of Association as well alterations to the Regulation on the General Meeting of Shareholders, Order of holding General Meeting of Shareholders, Regulation on the Board of Directors and Regulation on the executive bodies. Such alterations were introduced due to changes in the current legislation of the Russian Federation governing activity of the joint-stock companies, credit institutions as well as professional activity on the securities market.
The General Meeting of Shareholders held elections of members of Bank Vozrozhdenie Board of Directors. The following persons were re-elected:
- Dmitry L. Orlov, Chairman of the bank’s Management Board;
- Lyudmila A. Goncharova, Deputy Chairwoman of the bank’s Management Board;
- Alexander V. Dolgopolov, Deputy Chairman of the bank’s Management Board;
- Nikolay S. Zatsepin, General Director of CJSC Mozhaisk Wholesale and Retail Company;
- Otar L. Margania, Dean of the Economics faculty of St Petersburg State University;
- Yury M. Marinichev, Chairman of the Council of Moscow Regional Union of Consumer Cooperation Board;
- Nikita S. Mikhalkov, Film Director;
- Vladimir G. Panskov, Professor of the All-Russian Financial and Economic Institute;
- Yuri V. Poletaev;
- Viktor V. Khartov, Chief Designer and General Director of S.A. Lavochkin scientific production association;
- Mukhadin A. Eskindarov, Rector of the Financial University under the Government of the Russian Federation.
Oleg I. Lapushkin, Consultant to FBME BANK LTD (Cyprus), was elected to the Board of Directors for the first time as independent director.
The Board of Directors formed the Audit Commission of 4 members and approved deals with interested parties, which might be concluded on standard terms during the period until the next General Meeting of Shareholders.
ZAO PricewaterhouseCooper’s Audit was approved as the official auditor of the bank.
After the General Meeting of Shareholders was over the first meeting of the newly elected Board of Directors was held, where Otar L. Margania was elected as Chairman of the Board of Directors and Alexander V. Dolgopolov — as Secretary of the Board.
The Board of Directors formed the Audit Commettee and the Human resources and compensation Committee and approved the Schedule of the activity of the Board of Directors and its committees for the upcoming year.