Alfa-Bank recognizes three main corporate governance bodies: the Shareholders’ Meeting, the Board of Directors and the Executive Committee.
- General Shareholders’ Meeting is supreme governing body of Alfa-Bank. General Shareholders’ Meeting pass decisions on principal issues of the Bank’s performance such as amendments to the Bank’s Charter, issue of new shares, election of the Board of Directors and determining of Board of Directors numerical composition, approval of external auditors and distribution of profit.
- The Board of Directors performs supervisory functions and develops the Bank’s strategy as well as decides general matters except for those falling within Terms of reference of General Shareholders Meeting.
- The Audit Committee provides assistance to the Board of Directors in overseeing internal audit and financial reporting processes, as well as in assuring high quality of corporate governance system, and in maintaining of efficient corporate control.
- The Staff and Remuneration Committee reports to the Board of Directors and drafts recommendations on key appointments and remuneration of the Board of Directors members and the Banks executive bodies. The main function of the Staff and Remuneration Committee is to contribute to appointment of highly qualified specialists at the management positions and to provide incentives to their work.
- The Chairman of the Executive Board and the Executive Board are responsible for operational control over the Bank and cover all matters related to the day-to-day management of the Bank except for those falling within the competence of General Shareholders’ meeting and Board of Directors. The twelve Committees of the Executive Board, e.g., Strategic Risk Committee; Chief Credit Committee; Retail Credit Committee; Management Committee on operational risk; Tender Committee, Asset and Liability Management Committee, Investment Committee, Credit Committee, Planning-Budget Committee, IT Tasks Steering Committee, Special Products Sales Management Committee, Regional Business Development Committee help it to ensure efficiency in the Group’s operating activities.
The rights, duties, responsibilities and procedures of the General Shareholders’ Meeting, the Board of Directors and the Executive Board as well as the committees installed by the Board of Directors and the Executive Board are specified in respective regulations and documents on these corporate governance bodies, which are available under Corporate Governance section.