Chairman and Chief Executive Officer
Andrei L.Kostin has been VTB Bank President and Chairman of the Management Board since 2002.
The Chairman and CEO is in charge of running VTB Bank business on a day-to-day basis in order to meet the Bank’s targets and implement its strategy. The Chairman and CEO of the Bank reports to the General Shareholders Meeting and the Supervisory Council.
The terms of reference of the Chairman and CEO cover all matters related to the Bank’s day-to-day management, except for those referred to the exclusive competence of the General Shareholders Meeting or the Supervisory Council.
The Supervisory Council of the Bank may any time decide on early termination of the mandates conferred upon the Chairman and CEO, or members of the Management Board, terminate agreements made with them and decide on setting new executive bodies of the Bank.
The Chairman and CEO may:
- operate in the name of the Bank without power of attorney, represent its interest, enter into trades and sign documents on behalf of the Bank, among other things;
- decide on establishing (disbanding) internal structural divisions of the Bank (of a branch), except for decisions on opening a sub-office of the Bank;
- approve the staff, issue orders and give instructions binding on all staff members of the Bank;
- issue powers of attorney, establish procedures for signing agreements and contracts, and for issuing powers of attorney, and decide on officials authorized to represent the Bank before third parties; and
- act as an Employer in labor relations under the Russian Labor Code, appoint and dismiss employees of the Bank, reward the best employees and impose disciplinary sanctions.
The Chairman and CEO may delegate decision-making on any particular matter falling within his terms of reference to members of the Management Board, general managers of the Bank’s branches and representative offices or any other person.
In the absence of the Chairman and CEO, his office is held by a member of the Management Board – either the First Deputy Chairman or any other member of the Board authorized by the Chairman and CEO’s order.
