Audit and Risk Committee

Audit and Risk Committee supervises the external auditors' performance, makes recommendations on their nomination and remuneration, evaluates the risk management system and controls its operation. The Committee devotes much time to issues related to the internal control and audit system which is developed by the Director of Internal Audit Division who is fully accountable to the Supervisory Board. The Committee is authorised to make recommendations to the Supervisory Board on the effectiveness of the performance of the Internal Audit Division and on the remuneration of its Director and staff. In addition, the Audit and Risk Committee devotes considerable attention to creating an efficient risk management system.

The Committee monitors compliance with Russian statutory requirements, the regulatory requirements relating to financial and accounting statements, and the Central Bank of Russia's requirements for banks.

Audit and Risk Committee members (elected by the Supervisory Board on May 28, 2019):

Ilkka Seppo Salonen
independent director, Chairman of the Committee
Thomas Gunther Grasse
Non-executive director
Andreas Klingen
independent director