28 June 2013
The General Meeting of Shareholders of Bank Vozrozhdenie summarizing results of the year 2012 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 2012.
The General Meeting of Shareholders 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 14.5 million rubles.
“Last year was successful for the bank, though for the banking sector on the whole it was more complex. We managed to maintain stable growth rates and adhered to high business standards. Moreover, we took a number of steps towards creating a solid platform for future expansion. We have hit all the targets set in all business segments and even exceeded the plan on a number of indicators. The bank focused on lowering funding costs, credit quality monitoring and control over operating expenses”, — commented Alexander Dolgopolov, Chairman of the Management Board.
Taking into account bank’s positive financial results for 2012 and effective performance of independent directors — members of Bank Vozrozhdenie Board of Directors and its Committees, the General Meeting of Shareholders decided to pay remuneration to the members of the Board of Directors.
The General Meeting of Shareholders approved amendments and alterations introduced to the Articles of Association and other internal regulations relating to the activity of the bank’s management bodies.
The General Meeting of Shareholders elected the following membership of the Board of Directors:
- Dmitry L. Orlov, founder and the largest shareholder of Bank Vozrozhdenie. Mr. Orlov has been the Chairman of the Board of Directors since 2012;
- Alexander V. Dolgopolov, Chairman of Bank Vozrozhdenie Management Board;
- Lyudmila A. Goncharova, Deputy Chairwoman of Bank Vozrozhdenie Management Board;
- Sergey N. Malinin, member of the Management Board, Head of Bank Vozrozhdenie Corporate Department;
- Nikolay S. Zatsepin, CEO of Mozhaisk Wholesale and Retail Trade Company CJSC;
- Oleg I. Lapushkin, former Consultant to FBME BANK LTD (Cyprus),
- Otar L. Margania, Dean of the Economics faculty of St Petersburg State University;
- Nikita S. Mikhalkov, Chairman of the Management Board of Studio TRITE Ltd. of Nikita Mikhalkov;
- Vladimir G. Panskov, Advisor to the CEO of the International Center for Financial and Economic Development CJSC;
- Yury V. Poletaev, former CEO of Moscow Narodny Bank, London;
- Mukhadin A. Eskindarov, Rector of the Financial University under the Government of the Russian Federation.
The Board of Directors elected the Audit Commission, which membership remained unchanged from 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 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. Sergey Malinin — as the Secretary of the Board.
The Board of Directors also elected members of the Audit Committee and the Human Resources and Compensation Committee, adopted amendments and alterations № 1 to the Order of holding the meetings of the Board of Directors as well as the Schedule of the Board of Directors and its Committees activity for the period till the next annual General Meeting of Shareholders.