OREANDA-NEWS. On July 15, 2008 the VTB Supervisory Council held its meeting at which Alexei L. Kudrin, Deputy Chairman of the Russian Government and Minister of Finance of the Russian Federation, was reelected Chairman of the VTB Supervisory Council, reported the press-centre of VTB Group.

The VTB Supervisory Council also considered and approved the Regulation on VTB Bank Information Policy and the Regulation on VTB Bank Dividend Policy. 

The documents were developed within the framework of improving VTB Group’s corporate governance according to the Code of Corporate Conduct recommended by the Federal Commission for Securities Markets (FFMS), and the VTB Code of Corporate Conduct, as well as international and Russian best practice in corporate governance.   

The Regulation on VTB Bank Dividend Policy is aimed at putting in place a transparent and clear mechanism of dividend decision-making, disclosing the amount, payment procedure and schedule. 

The VTB Bank Dividend Policy is based on the following key principles:

A balance between the interests of the Bank and its shareholders in defining the dividend amount;

Respect and strict observance of shareholders’ rights as stipulated by the Russian Government and VTB by-laws;

Increase of VTB’s attractiveness to investors as a major criterion of dividend policy efficiency.

The Regulation on VTB Bank Information Policy is aimed at undertaking a range of actions to disclose information to VTB shareholders, potential investors, media representatives and professional entities in the securities markets. These actions will help strengthen the favourable image of VTB as a transparent company.  

The VTB Bank Information Policy is based on the following principles:

Regular and timely information;

Impartial, full, true and consistent information;

Equal rights of all concerned parties to receive information subject to applicable legislation and regulations set by the current law and regulating authorities;

Rational balance between the Bank’s openness and its commercial interests;

Voluntary obligations undertaken by the Bank to disclose additional information.

The documents will be placed on the Bank’s website.

In 2008, the Bank is set to further improve its corporate governance.     

According to Andrei Kostin, President-Chairman of VTB Bank Management Board, “The documents approved today are strong evidence of the fact that VTB’s activity is based on high international standards of corporate governance”.