CREDIT BANK OF MOSCOW announces Supervisory Board resolutions


09 February 2015 — an ordinary meeting of CREDIT BANK OF MOSCOW's Supervisory Board was held which, by a majority of votes, approved the following issues:

  1. Review of prevailing "sentiments" and expected trends in the international markets.
  2. Review of the Strategy and Capital Markets Committee's report.
  3. Review of the Audit and Risk Committee's report.
  4. Approval of CREDIT BANK OF MOSCOW's IFRS auditor.
  5. Determination of the level of fees payable to CREDIT BANK OF MOSCOW's IFRS auditor.
  6. Approval of the Risk Management Report for 4Q2014.
  7. Approval of the Internal Audit Division's report for 4Q2014.
  8. Approval of the Stock Market Professional Participant Comptroller's Report for 4Q2014.
  9. Review of the Compensation, Corporate Governance and Nominations Committee's report.
  10. Approval of the Regulation on Remuneration of Members of the Management Board and Selected Senior Executives of CREDIT BANK OF MOSCOW.
  11. Approval of an updated Supervisory Board plan of work for 2015.

The meeting was attended by 9 of the 10 Supervisory Board members, and by Management Board members who reported on the items of agenda.

In the course of the meeting, Supervisory Board members focused on the issues which had been reviewed by the Audit and Risk Committee, the Strategy and Capital Markets Committee and the Compensation, Corporate Governance and Nominations Committee, and discussed a number of strategic management, risk management and internal audit issues. Apart from regular issues, the discussion also centred on selecting an audit firm for the financial year 2015 to audit the Bank's annual accounts and review its interim accounts for 3, 6 and 9 months in accordance with IFRS, with the resulting decision being to recommend the Annual General Shareholders' Meeting to approve Closed Joint Stock Company "KPMG" as such audit firm. In addition, the Regulation on Remuneration of Members of the Management Board and Selected Senior Executives of CREDIT BANK OF MOSCOW was re-approved in a new version bringing it in line with the Bank of Russia's Instruction No. 154-I "On Assessing, and Ordering Remedy of Breaches in, Credit Institutions' Payroll Systems" and CREDIT BANK OF MOSCOW's Remuneration Policy.