Shareholders Consultative Council

Shareholders Consultative Council (SCC)

The Shareholders Consultative Council (SCC) represents the interests of minority VTB shareholders in relations with the Bank's managing bodies. All SCC members are Bank shareholders. In Russian practice, such shareholder councils are very rare. At the same time, the Central Bank considers such councils to be effective and useful for increasing the activity and involvement of shareholders. VTB's Shareholders Consultative Council has been in operation for almost 10 years and has been actively involved in the development of not only the Bank but also the Group as a whole.

At the AGM in 2018, shareholders once again elected representatives of the SCC into the Bank's management and oversight bodies. The head of the Consultative Council, Igor Repin, was elected to the Bank's Supervisory Council, and Vadim Soskov became a member of the Bank's Statutory Audit Commission.

Members of the Shareholders Consultative Council

Repin

Igor Repin – Deputy Executive Director of the Association of Professional Investors.
Chairman of the Board of Directors of the Ekologiya Federal Centre for Geoecological Systems, Member of the Supervisory Council of VTB Bank and a Member of VTB Bank's Strategy and Corporate Governance Committee, Audit Committee, and Staff and Remuneration Committee. Graduated from Lomonosov Moscow State University, received a Category 1 certificate from the Moscow Federal Commission for the Securities Market.
Member of VTB's Shareholders Consultative Council since 2013.
Holds shares equivalent to 0.000000046% of the Bank’s charter capital as of 31 December 2018.
Holds 0.000000231% of ordinary shares of the Bank as of 31 December 2018.

Soskov

Vadim Soskov – Managing Director at Sistema, member of VTB Bank's Statutory Audit Commission. Winner of a Russia's Financial Elite award for Most Senior Player in the collective investment market. He is also included on the list of “Russia's top 1,000 managers”. He was a TACIS expert for the World Bank on pension reform in Russia. He graduated from Moscow Lenin State Pedagogical University. PhD in Economics. Member of VTB's Shareholders Consultative Council since 2013.
Holds shares equivalent to 0.00000307% of the Bank’s charter capital as of 31 December 2018.
Holds 0.0000154% of ordinary shares of the Bank as of 31 December 2018.

Gavrilov

Sergey Gavrilov – Chairman of the Russian State Duma Committee on Civil Society, Public Associations and Religious Organisations. Graduated from Lomonosov Moscow State University. PhD in Economics. Member of VTB's Shareholders Consultative Council since 2009.
Holds shares equivalent to 0.000003358% of the Bank’s charter capital as of 31 December 2018.
Holds 0.000016866% of ordinary shares of the Bank as of 31 December 2018.

Yenin

Alexander Yenin – Head of Premier BCS projects at BCS. Graduated from the Financial University under the Government of the Russian Federation and the Russian State Social University.
Member of VTB's Shareholders Consultative Council since 2017.
Holds shares equivalent to 0.000002458% of the Bank's charter capital as of 31 December 2018.
Holds 0.000012345% of ordinary shares of the Bank as of 31 December 2018.

Znamensky

Vladimir Znamensky – Lawyer for the United Metallurgical Company, specialising in corporate law. He completed undergraduate studies in Law and master's studies in Corporate Law at Lomonosov Moscow State University. He is a member of Young International Arbitration Group and the Russian Arbitration Association 25.
Member of VTB's Shareholders Consultative Council since 2017.
Holds shares equivalent to 0.000000614% of the Bank's charter capital as of 31 December 2018.
Holds 0.000003086% of ordinary shares of the Bank as of 31 December 2018.

Zotov

Vladimir Zotov – Director of the Institute of Social Engineering at the Kosygin Russian State University and Assistant Professor in the Management Department. He holds a Ph.D. in Economics and is a Corresponding Member of the Russian Academy of Engineering. He graduated from Moscow State University of Design and Technology.
Member of VTB's Shareholders Consultative Council since 2017.
Holds shares equivalent to 0.00000000000154% of the Bank's charter capital as of 31 December 2018.
Holds 0.00000000000772% of ordinary shares of the Bank as of 31 December 2018.

Kleschev

Stanislav Kleschev – Head of the Analytics Division in VTB Bank's Brokerage Services Department. He completed undergraduate and graduate studies at Lomonosov Moscow State University. He is a member of the Moscow Exchange Index Committee and Listing Council.
Member of VTB's Shareholders Consultative Council since 2013.
Holds shares equivalent to 0.000001613% of the Bank's charter capital as of 31 December 2018.
Holds 0.000008102% of ordinary shares of the Bank as of 31 December 2018.

Petrov

Valery Petrov – Vice President for Market Development and Regulation at the Russian Association for the Crypto-Industry and Blockchain. Deputy Chairman of the Management Board at the Institute of Financial Markets. He holds several university degrees, as well as a Chartered Financial Analyst (CFA) diploma. Has a PhD in Economics.
Member of VTB's Shareholders Consultative Council since 2013, was elected Chairman of the second Shareholders Consultative Council. He was a member of the Supervisory Council of VTB Bank from 2016 to 2018.
Holds shares equivalent to 0.000000015% of the Bank's charter capital as of 31 December 2018.
Holds 0.000000077% of ordinary shares of the Bank as of 31 December 2018.

Sergeyev

Maxim Sergeyev – Engineer at the St. Petersburg Alferov Academic University. Graduated from Ukhta State Technical University. Member of VTB's Shareholders Consultative Council since 2013.
Holds shares equivalent to 0.000000968% of the Bank's charter capital as of 31 December 2018.
Holds 0.000004861% of ordinary shares of the Bank as of 31 December 2018.

Khersontsev

Ilya Khersontsev – Advisor to the Chairman of the Management Board at Astramed-MS. A member of the Russian Association of Independent Directors. He graduated from the Urals State Technical University with a degree in IT Systems in Economics.
Member of VTB’s Shareholders Consultative Council since 2017.
Holds shares equivalent to 0.000308740%of the Bank's charter capital as of 31 December 2018.
Holds 0.001550861% of ordinary shares of the Bank as of 31 December 2018.

Shafranskaya

Yelena Shafranskaya – Self-employed entrepreneur in the field of construction and real estate. She graduated from the Irkutsk Polytechnical Institute with a degree in Cybernetics.
Member of VTB’s Shareholders Consultative Council since 2017.
Holds shares equivalent to 0.000001536% of the Bank's charter capital as of 31 December 2018.
Holds 0.000007716% of ordinary shares of the Bank as of 31 December 2018.

Shtykanova

Elena Shtykanova – Advisor to the Senior Vice-President of Norilsk Nickel. PhD in Economics. She graduated from the Moscow State Institute of International Relations of the Russian Foreign Ministry with a degree in International Economic Relations. Member of VTB's Shareholders Consultative Council since 2013.
Holds shares equivalent to 0.000000476% of the Bank's charter capital as of 31 December 2018.
Holds 0.000002390% of ordinary shares of the Bank as of 31 December 2018.


The Shareholders Consultative Council plays an increasingly important role in the work of the Group's subsidiaries. In January 2019, for example, three members of the SCC became independent members of the Board of Directors of Vozrozhdenie Bank.

In 2018 5 meetings of the Shareholder Consultative Council were held, as well as 1 online conference with the participation of SCC members

During Board meetings, members of the SCC meet with representatives of the Bank’s top management, who oversee various operations. In 2018, meetings were held with the managers of the Information Technology Department, the Retail Products Department, the Human Resources Department and the Retail Business Development and Coordination Department. In addition, several officers holding the post of Deputy President and Chairman of the Management Board took part in the meetings. One was an expanded meeting that was attended by employees of the Central Bank of the Russian Federation, the Association of Professional Investors and the Russian Institute of Directors (RID). The RID representatives prepared a report on VTB's ratings in the field of corporate governance, commending the Bank’s consistent efforts to develop its corporate governance systems. They highlighted in particular the positive aspects of the Bank’s practice in dealing with minority shareholders.

During the final meeting of the Shareholders Consultative Council in December 2018, the results of the Council's work in 2018 were summed up. In addition, the work plan for 2019 was discussed. In 2019, members of the SCC plan to pay attention to the further development of the programme of benefits for VTB shareholders, the advancement of a new development strategy, issues related to dividend payments and questions about key business areas.

SCC members play an active role in communication with shareholders, including at the AGM, Investor Days, seminars and online through electronic channels. Information and suggestions received are reflected in the SCC's proposals for VTB management. For example, strategy proposals were collected through an online conference with retail shareholders. The conference discussed the implementation of the current strategy and current financial indicators, and it also gathered ideas from shareholders regarding aspects of a new strategy.

During the collection of ideas and proposals, which lasted from 19 September 2018 to 25 October 2018, SCC members received more than 100 ideas, views and recommendations regarding the future strategy of VTB Group. Forty-nine of them were selected and submitted to the Bank’s management for consideration.

During the year, the members of the SCC took part in various specialised forums and conferences devoted to corporate governance, interaction with private investors, development of the investment market and improvement of financial literacy:

  • Moscow Exchange's FINFAIR on financial solutions;
  • Exchange Forum;
  • Moscow Exchange's “Retail Investor – 2018” conference;
  • Moscow Exchange's “Corporate Governance in Russia – 2018” forum;
  • Forum for Corporate Secretaries;
  • An economic conference to mark the 100th anniversary of the Rostov University of Economics in Rostov-on-Don;
  • The “Digital Ecosystem of Eastern Siberia” conference in Irkutsk.

Speaking at various events, the members of the Consultative Council shared best practices with VTB Bank minority shareholders and took part in panel discussions and workshops.

The Regulation on VTB's Shareholders Consultative Council can be found in the “Investor Relations” section on the Bank’s website.

Areas of activity of the Shareholders Consultative Council in 2018