Supervisory Board

The Supervisory Board is the Bank’s body that ensures protection of shareholders’ rights and controls and regulates the activity of the Bank’s Management Board within the scope of its competence, as stipulated by the Articles of Association, legislation in force and the Regulation on the Supervisory Board. Members of the Supervisory Board are elected by the decision of the General Meeting of Shareholders. The principal shareholder is entitled to have an unlimited number of its representatives in the composition of the Supervisory Board.

The Supervisory Board is not directly involved in the day-to-day management of the Bank but plays a significant role in overseeing and monitoring the business activities of the Bank. The Supervisory Board represents the interests of the Bank’s shareholders between General Shareholders Meetings and exercises control over the activities of the Management Board. The Supervisory Board within the framework of its exclusive competence appoints and releases from office the Chairman and members of the Management Board and determines their authorities, controls Management Board activity, selects the external auditor, establishes the procedure for performing audit and control of the Bank financial and economic activity, appoints the Head of the Internal Audit Service, approves the strategic plan and annual economic and financial plans, and performs other functions delegated to it by the General Shareholders Meeting or included in the exclusive competence of the Supervisory Board by the Articles or by the current legislation of Ukraine. The Supervisory Board meetings may be either regular (in line with the approved meeting schedule) or extraordinary (convened at the initiative or request of any member of the Supervisory Board, Audit Commission or Management Board), and shall be held at least quarterly. Supervisory Board members perform their functions without remuneration.

You may download the Regulation on Supervisory Board for reviewing in both English and Ukrainian.