By resolution of the General Meeting of Shareholders, remuneration may be paid to members of the Board of Directors during period of fulfilling their duties, as compensation of expenses associated with carrying out their functions of members of the bank’s Board of Directors. The amount of such remunerations and compensations is determined by resolution of the General Meeting of Shareholders.
The procedure of adopting resolution on payment of remunerations and compensations to the members of the Board of Directors is described in the Regulations on remunerations and compensations for members of the Board of Directors approved by the General Meeting of Shareholders on June 1, 2015, Minutes № 1.
Recommendations on remunerations to the members of the Board of Directors are developed by the Human resources and compensation Committee.
The amount of remuneration is determined individually, based on the personal contribution of each director to the Bank’s development, position occupied and additional responsibilities.
Remuneration is paid to the members of the Board of Directors based on the results for the previous year. The amount depends on the following factors: number of meetings of the Board of Directors and its committees, personal participation in meetings, participation in the work of committees, profit for the year, and results of the self-assessment of the Board of Directors.
In accordance with a resolution of the Annual General Meeting, remuneration to the members of the Board of Directors (Chairmen of the Board Committees) for 2017 amounted to RUB 18 million. No remuneration was paid to other members of the Board of Directors including the Chairman of the Board of Directors and Executive Directors.