Audit Committee was established in December 2006 according to the resolution of the Board of Directors. It is an advisory and consultative body of the Board.
The main objective of the Audit Committee is to ensure effective performance of the Board of Directors in dealing with strategic management issues and control over business activity of the bank. Audit Committee reports to the Board of Directors, while its resolutions are of advisory nature.
Audit Committee provides recommendations to the Board of Directors on election of independent and qualified external auditors, assists in overseeing the activity of the Internal Control and Audit Service and ensuring quality and completeness of financial and accounting reporting especially with regard to compliance with the requirements of the Russian legislation and relevant government authorities.
In accordance with the decision of the Board of Directors of the Bank (Minutes No.10 dated 18 April 2019) the powers of members of the Audit committee of the Board of Directors have been terminated.
Information about activity of the Audit committee
In 2019 the Audit Committee of the Board of Directors held 6 meetings in the form of absentee voting (by means of polling) where 17 issues were considered. Meetings were not held in the form of joint presence.