Approval of the New ESG Version of VTB Bank’s Corporate Governance Code

 

  VTB Bank’s Supervisory Council approved a new version of its Corporate Governance Code where it confirms initiatives for implementation of ESG standards in VTB activity.

The Code now contains provisions on the bank’s commitment to ESG principles and inclusion of ESG factors in its integrated risk management system and evaluation of risk materiality. The new version outlines the Supervisory Council’s key role in defining priority areas of bank activity in sustainable development, social and environmental responsibility along with the possibility of electing a supervisor from Supervisory Council members for implementation of ESG-related areas (initiatives).

Additionally, the Supervisory Council has expanded the competence of the Council’s Strategy and Corporate Governance Committee. From now on the committee’s scope of authority also includes strategic objectives of bank activity and priorities in sustainable development, social and environmental responsibility, while the committee itself is now officially renamed as the Strategy & Sustainability Committee.

The respective decisions were made within the framework of implementation of the VTB Bank Sustainability Strategy for the years 2022-2025 that was approved in November 2021.