OREANDA-NEWS. June 06, 2011. The Meeting represented 95% of the total number of the Bank’s outstanding voting shares. The recommendations approved by the Board of Directors in the course of preparation for the annual Meeting were fully supported by present shareholders and their representatives, reported the press-centre of Tatfondbank.

Having heard the report of N.S. Tagirova, Deputy Chairman of the Board of Management, on the results of the financial year, and reports of V.A. Kiryashin, chairman of the audit commission, and G.S. Timokhin, head of the audit company of the Bank, on the outcomes of examination of financial and economic activity and truthfulness of financial statements, the Meeting approved the Bank’s Annual Report and the annual accounting reports for 2010.

The Meeting decided to allocate 21.4% of profit earned in 2010 to the Reserve Fund of the Bank, which made it possible to increase it to the size stipulated by the Bank’s Charter, i.e. RUR 1.095 billion (15.0% of the charter capital). It was decided not to pay dividends on the Bank’s shares for 2010. The funds allocated for special-purpose payments (expenses related to ‘100 Talented Village Children’ social action, provision of charitable and sponsor assistance) totalled RUR 14.6 million (6.7% of the profit), while the amount allocated for payment of remuneration to members of the Board of Directors totalled RUR 5.6 million (2.6% of the profit). The undistributed profit totalled RUR 151.3 million (69.4%).

The new compositions of the Board of Directors, the audit and the tabulation commissions of the Bank were elected.

The Meeting approved the Bank’s auditors to carry out an audit of its accounts for 2011 financial year: Bankovsky Audit for the audit under Russian accounting standards, and KPMG for the audit under International Financial Reporting Standards.

Amendments were introduced to the Bank’s Charter, Regulations for the Board of Directors, and the Regulations for Executive Bodies. Besides, a new wording of the Regulations for Remuneration of Members of the Board of Directors was approved.

The Meeting approved related party transactions under Article XI of the Federal Law ‘On Joint Stock Companies’, which can be performed by the Bank in the normal course of business over the period to the next annual General Meeting of Shareholders.

The Meeting decided, based on the suggestion of the Board of Directors, to increase the charter capital of AIKB Tatfondbank by RUR 2 000 000 000 (two billion) through placement of additional 200 000 000 (two hundred million) registered ordinary shares with nominal value of RUR 10 each by open subscription.

The meeting of the Board of Directors re-elected Ildus Mingazetdinov as its Chairman.

Three Committees were established within the new composition of the Board of Directors: for strategy, for audit and risks, for personnel and remuneration; the meeting elected their members and approved chairmen of such Committees from among independent directors.

The plan of meetings of the Board of Directors of AIKB Tatfondbank was approved for the term of its powers in 2011-2012.

The Board of Directors made decisions on the composition of the Bank’s Board of Management and Credit Committees (with account for changes in their personal composition), on issues related to charity, and other matters within its competence.