2015 Annual Report

ru

The Role of the Supervisory Board

The Supervisory Board performs overall management over Sberbank’s activities, except for the resolution of issues reserved to the General Shareholders’ Meeting under the law and the Sberbank Articles of Association.

The Supervisory Board’s competencies are defined in the Articles of Association and separated from the competencies of the executive bodies (no issues reserved to the Supervisory Board shall be transferred for decision to the Sberbank executive bodies).

The Supervisory Board constitutes a key element of the corporate governance system and is responsible for the development of three key functions: governance, control, and communications.

Governance Implementation — Monitoring — Development — Establishment of:
  • strategy implementation control
  • corporate governance system performance
  • the talent management system and the staffing of governing bodies
  • key employee motivation policy
Control Control — Assessment — Approval of:
  • the Executive Board’s and CEO’s performance
  • compliance with the approved strategy
  • the work quality of the Supervisory Board and the Executive Board
  • corporate governance practice
  • the risk management and internal control system
  • the Bank’s financial statements, including internal auditing
  • conflicts of interest
Communications Communications and ensuring the transparency of the Bank’s activities:
  • information policy
  • full and prompt information disclosure
  • stakeholder communications
  • free access of shareholders to the Bank’s documents

The effective performance of the Supervisory Board relies on an understanding of business needs and the Supervisory Board’s role in the Group’s development, its ability to engage the best professionals, a well-balanced system of motivation and remuneration of the Supervisory Board members, possibilities for their further professional growth, efficient communications both within the Supervisory Board and with Sberbank’s shareholders, top managers, and other key stakeholders.

The Supervisory Board determines the rules for the bank’s corporate governance system by approval of internal regulations governing the principles and procedures of operation of its individual elements and by implementing control of each element and the corporate governance system performance as a whole.

The Supervisory Board is accountable to the General Shareholders’ Meeting, and information regarding its operations is disclosed as part of the annual report.