General Shareholders’ Meeting
Eximbank of Russia’s corporate governance system is based on the principles of full compliance with Russian legislation and the prescriptions of the Bank of Russia, and follows the best current world standards.
The General Shareholders’ Meeting is the supreme governing body of the Bank. The bank’s Board of Directors, elected by the shareholders and ultimately reporting to them, provides strategic management and control over the executive branches of the bank, such as the Chairman of the Management Board and the Management Board. The executive agencies of the Bank are responsible for current management and fulfillment of the goals set forth by the General Shareholders’ Meeting and the Board of Directors.
To protect the rights and lawful interests of our shareholders, the Bank has implemented an effective system of corporate governance and internal control of the financial activities of the Bank.
The Bank has a coherent system of internal control that supports the executive agencies of the Bank in pursuing effective Bank functioning. The Audit Committee is responsible for making sure that the Bank’s operations are fully compliant with the law. To verify and confirm the financial statements, the Bank annually brings in an external auditor whose financial and material interests are not connected with the Bank and its shareholders.
To provide shareholders with an opportunity to make justified decisions, the Bank pursues the policy of timely disclosure of complete and accurate information, including its financial standing and economic indicators.
Board of Directors
The Board of Directors of Eximbank of Russia acts in accordance with Russian legislation, the Bank’s Charter, and the Regulations of the Board of Directors. The responsibilities of the Board of Directors include the general management of the Bank’s operations, except for the decisions requiring the approval of the General Shareholders’ Meeting, as specified in Russian legislation and the Bank’s Charter.
For more information, see section Board of Directors
Chairman of the Management Board and Management Board
See section Board
To verify and confirm the accuracy of the Bank’s annual reports, Eximbank of Russia uses the services of an external auditing agency – the External Auditor.
The report based on the results of the external audit is sent by the auditor to the Bank’s Board of Directors and is also made available during the Annual General Shareholders’ Meeting.
The General Shareholders’ Meeting has chosen Ernst and Young Vneshaudit as the Bank’s External Auditor for 2018. The company is a Russian branch of one of the world’s leading auditing companies, Ernst & Young.
Internal Audit Office
The range of goals of the Internal Audit Office includes regular monitoring of the internal controls system, thematic and comprehensive inspections of the Bank’s operations, and also providing independent recommendations to improve Bank’s functions and control procedures.
The Internal Audit Office is an independent structural unit within the Bank directly answerable reporting to the Board of Directors.
Internal Control Office
The main goal of the Internal Control Office is effective and independent compliance control, aimed at minimizing the risks associated with the intervention on the part of various regulatory and supervisory bodies, the risks of loss resulting from damage to the Bank’s reputation as a result of non-compliance with laws and legal acts, standards of self-regulating organizations, and the customary business practices of the banking industry.
Financial Monitoring Office
The Financial Monitoring Office attaches great importance to the implementation of measures aimed at counteracting the legalization of proceeds from crime and financing of global terrorism. The internal documents of the Bank that govern its work in this domain are based on the principle “Know your client”, Russian legislation, and the best international standards.
To improve the quality of program implementation and internal control compliance connected to counteracting the legalization of proceeds from criminal sources, the Office is implementing measures that strengthen the ties between different subdivisions of the Bank and measures aimed to improve monitoring compliance with its requirements. The Office effectively manages risks associated with being used in money-laundering schemes and financing terrorism.
Controller of the Professional Participant in Securities Market
Controller of the Professional Participant in Securities Market As a professional participant in securities market, the Bank is subject to the control by the Controller. This office is responsible for monitoring the Bank’s compliance with Russian legislation on the securities market, including normative legal acts of the federal executive body on the securities market, Russian federal legislation on the protection of rights and legal interests of investors in the securities market, as well as Russian legislation on advertisement, and compliance with the internal documents of the bank as a professional participant in the securities market.
Risk Management Office
One of the essential conditions of our Bank’s stable and sustainable development is having a highly effective system of risk management. Comprehensive review of all major types of risks is part of the Bank’s strategic and tactical decision-making process. The development of the Bank’s risk management system follows basic approaches and principles recommended by the Bank of Russia and the Basel Commission on Banking Supervision. The Bank’s risk management process consists of three levels.
At the strategic level, risk management is provided by the Board of Directors, the Management Board, and the Chairman of the Management Board. They establish the requirements and limitations of risk management processes.
At the tactical level, the tasks of monitoring and managing risks is the responsibility of the Credit Committee, the Asset and Liability Management Committee, and the Bank’s Information Technology Committee.
Finally, at the systemic level, the comprehensive approach to the Bank’s risk management is provided by the Risk Management Office, which serves as the key element in overall risk management.