On 21 July 2011, VTB Shareholders Consultative Council together with the Union of Borrowers and Depositors of Russia (UBD) held a discussion meeting for VTB shareholders residing in the Novosibirsk Region. The event was dedicated to basics of personal funds management in the securities market.
The meeting was attended by Vladimir Tarachev and Leonid Volkov, members of VTB Shareholders Consultative Council, Alexey Kusik, First Deputy Chairman of UBD General Council, as well as by representatives of VTB Bank and VTB24. Opening the meeting, Vladimir Tarachev mentioned that Novosibirsk is the fifth city where such events are held. “As a matter of fact, we are some sort of a conductor between our shareholders and VTB Bank management. We use such field trips to inform our regional shareholders about VTB’s activity, and tell them how to use their shares efficiently.”
At the meeting, experts talked about personal funds management in the securities market, about the activity of the Consultative Council, and gave a detailed report on terms of brokerage and custody services for VTB shareholders.
Minority shareholders asked Vasily Titov, First Deputy President and Chairman of VTB Bank Management Board, their questions. Vasily Titov, who participated in the event via videoconferencing, emphasized that “holding such discussion meetings for VTB shareholders in various regions of Russia has become a good tradition, and the Bank will continue to arrange such meetings, maintaining maximum transparency.”
Besides, Mr. Titov told the shareholders about all major recent events related to VTB Group, dwelling upon most significant items, such as the sale of 10% stake in VTB by the government, election of new members and the new chairman of VTB Bank Supervisory Council, and record high performance of the Group in Q1’2011.
The Bank of Moscow situation was also discussed. “We are now in full control of the situation in the Bank”, Vasily Titov said, “understanding our high responsibility to our shareholders, we will apply every effort to achieve the goals we set as we acquired the Bank of Moscow. VTB has always maintained the highest standards of corporate governance, and we will continue to do so in this situation. We are not concealing anything; instead, we are presenting the facts.”
The meeting was attended by more than 100 VTB shareholders from the Novosibirsk Region.
VTB Shareholders Consultative Council is an independent body established in 2009 to enhance information exchange with JSC VTB Bank shareholders. Each shareholder was entitled to vote and be elected to the Council. The jury and shareholders elected 10 members of the Council out of 186 nominees.
The Union of Borrowers and Depositors of Russia is a non-profit organization founded to unite Russian citizens who have obtained loans or deposited funds into various financial institutions. The Union was registered in July 2007. Its main goals are to improve financial awareness of the nation, protect the interests of borrowers and depositors, provide accurate information on bank and other financial and lending institutions, and help protect against financial fraud.
The joint project of the Union of Borrowers and Depositors of Russia and VTB Shareholders Consultative Council, aimed at enhancing the nation’s financial awareness, was launched in 2010. A number of meetings with VTB minority shareholders have already taken place in Moscow, Yekaterinburg, Ufa and Voronezh. These events included reports of UBD and VTB24 representatives and dialogs between shareholders, JSC VTB Bank management and members of the Council. Taking into account the relevance of such events, 5 more meetings have been scheduled for 2011. These will mostly take place in regions with at least 1000 resident VTB shareholders.