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VTB Supervisory Council meets in Azerbaijan

22 October 2014


VTB Bank’s Supervisory Council met in Baku, Azerbaijan, on 22 October 2014 — the first meeting of the council outside Russia in the bank’s history.

Council members approved regulations on remuneration for the bank’s executives and a list of key performance indicators for council members. These documents were based on recommendations by the Federal Agency for State Property Management, as well as requirements of the Economic Development Ministry and the Finance Ministry.

Key performance indicators are tied to the goals set out in the Group’s 2014–2016 strategy. Remuneration paid to bank executives will include a base rate and a variable component. The total amount will depend on the performance of individual business lines and the Group as a whole.

In addition, the Supervisory Council decided to reduce by 10 percent its sponsorship and charity activities in 2015. No major sporting or charitable projects will be affected by the change.

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