Statutory Audit Commission

The Statutory Audit Commission is responsible for providing financial control over the Bank’s financial and economic activities. The Statutory Audit Commission checks VTB Bank's compliance with regulations established by the laws of the Russian Federation on accounting procedures, compiling and reporting, the reliability of the information contained in reports and other financial documents of VTB Bank, the organisation of the Bank's internal control system, the execution by the Bank of instructions from the President and the Government of the Russian Federation. The Statutory Audit Commission is elected at the AGM, which determines its size and composition for the period until the next AGM.

At the AGM on 23 May 2018, shareholders re-elected the Statutory Audit Commission as follows:

Platonov
Sergei Platonov – Chairman of the Statutory Audit Commission, Deputy Director of the Financial Policy Department of the Ministry of Finance of the Russian Federation, member of the Statutory Audit Commission of Gazprom, member of the Audit Commission of the Agency for Housing Mortgage Lending, member of the Statutory Audit Commission of the Russian Agricultural Bank.

A more detailed biography is available on the Bank’s website.

Gontmaher
Yevgeny Gontmakher – Deputy Director of the Dialogue Foundation for the Development of Civic Initiatives, member of the Management Board of the Institute for Contemporary Development.

A more detailed biography is available on the Bank’s website.

Krasnov
Mikhail Krasnov – Member of the Statutory Audit Commission of Rostelecom.

Until November 2018, he served as Chairman of the Supervisory Council of Verysell Industrial Automation Systems.
A more detailed biography is available on the Bank’s website.

Olshanova
Anastasia Olshanova – Head of the Department for the Privatisation of Market Organisations at the Office of Property Relations and the Privatisation of Large Organisations of the Federal Agency for State Property Management, member of the Statutory Audit Commission of Rosneftegaz.

A more detailed biography is available on the Bank’s website.

Sabancev
Zahar Sabantsev – Head of the Division for Financial Sector Monitoring, Organisational Support and Consolidated Work of the Financial Policy Department of the Ministry of Finance of the Russian Federation, member of the Statutory Audit Commission of Rosneft, member of the Statutory Audit Commission of Rosneftgas.

A more detailed biography is available on the Bank’s website.

Soskov
Vadim Soskov – Managing Director at Sistema Capital, Member of VTB's Shareholders Consultative Council.

A more detailed biography is available on the Bank’s website.

In 2018, the Statutory Audit Commission elected by the AGM on 26 April 2017, in accordance with the Work Plan for VTB Bank's Statutory Audit Commission for 2017–2018, audited VTB Bank's financial and economic activities for 2017, as a result of which the Statutory Audit Commission reached the following conclusions:

  • no substantial violations of legal acts of the Russian Federation on accounting and reporting procedures or violations of legal acts of the Russian Federation in conducting financial and economic activities were found that could have had a significant impact on VTB Bank's financial results for 2017;
  • VTB Bank's annual accounting records and financial statements for 2017, as well as other financial documents, are accurate and provide an objective picture of the financial position of VTB Bank as of 1 January 2018;
  • VTB Bank's 2017 annual report was prepared in accordance with the applicable legislation of the Russian Federation;
  • the information contained in the report on interested-party transactions completed by the Bank in 2017 is accurate;
  • the Bank complies with the statutory requirements established by the Central Bank of the Russian Federation;
  • the Bank’s systems of corporate governance, risk management and internal control meet the requirements established by the laws of the Russian Federation and regulations of the Central Bank of the Russian Federation and are in accordance with the nature and scale of the Bank’s operations;
  • The tasks in the area of IT set out in the Bank's Development Strategy for 2017-2019 and planned for 2017 were successfully completed. The merger of VTB and VTB24 was carried out without any IT failures. Mobile applications and other digital services are developing at a fast pace. Recent advancements have led to growth in the Bank's retail business, as well as improvements in the quality of customer service and the Bank's overall performance.

In 2018, VTB Bank's Statutory Audit Commission held two in-person meetings.

In 2018, the Statutory Audit Commission was provided with information necessary to monitor the financial and economic activities of VTB Bank on a regular basis, including information concerning indicators related to financial statements prepared in accordance with RAS, consolidated financial statements prepared in accordance with IFRS, information on the implementation of the directives issued by the government of the Russian Federation and the programme for selling non-core assets.

Since 2016, the Regulation on Remuneration and Compensation Paid to the Members of the Statutory Audit Commission has been in force at the Bank. The Regulation was approved in accordance with the recommendations of the Bank's Supervisory Council Committee on Staff and Remuneration at the Annual General Meeting of Shareholders (Minutes No. 47 of 24 June 2016) and is posted on the Bank's website at: https://www.vtb.com/akcionery-i-investory/raskrytie-informacii/ustav-i-vnutrennie-dokumenty/#tab_0_1#

According to this document, the basic part of the remuneration paid to members of the Statutory Audit Commission is 20% of the average remuneration paid to a member of the Supervisory Council who is an independent director or representative of the state.

The actual amount of remuneration paid to a member of the Statutory Audit Commission during the reporting period is determined based on the number of days in the corporate year during which said member of the Statutory Audit Commission performed their duties.

For chairing the Statutory Audit Commission, the Regulation on Remuneration and Compensation Paid to the Members of the Statutory Audit Commission establishes a bonus of 30% of the basic remuneration for members of the Bank’s Statutory Audit Commission. Remuneration is paid by the Bank through bank transfers; no other forms of remuneration are stipulated.

Members of the Statutory Audit Commission who miss more than half of the meetings of the Statutory Audit Commission during the time in which they are members of the Committee are not paid any remuneration, nor are members of the Statutory Audit Commission who are civil servants.

At VTB Bank's AGM on 23 May 2018, on the matter of the payment of remuneration to members of the Statutory Audit Commission who are not civil servants in the amount established by the bylaws of VTB Bank, it was decided to pay remuneration to members of the Statutory Audit Commission of PJSC VTB Bank who are not civil servants:

  • for work as part of the Statutory Audit Commission of VTB Bank: RUB 920,000 each;
  • for chairing the Statutory Audit Commission of VTB Bank: RUB 276,000.
  • to compensate members of the Statutory Audit Commission of VTB Bank who are not civil servants, during the performance of their duties, for all expenses associated with the performance of their duties as members of the Statutory Audit Commission of VTB Bank, namely: accommodations, travel and other fees and charges for various types of transport.
Amount of remuneration paid to members of the Statutory Audit Commission
Amount of remuneration 2016 2017 2018
For work in the Statutory Audit Commission RUB 2,760,000 RUB 3,680,000 RUB 1,840,000
Compensation for expenses related to the performance of their duties as members of the Statutory Audit Commission Not paid

Information on VTB Bank's Statutory Audit Commission can be found in more detail on the Bank’s website.