Management Board

Chairman of the Management Board and the Management Board are Russian Agricultural Bank’s sole and collective executive bodies. They carry out general duties related to achieving the Bank`s key business goals: accomplishing long-term targets set forth by the shareholder, supervising the compliance of the Bank operations with all relevant laws and regulations, overseeing the introduction and functioning of appropriate risk management systems (including defining the Bank’s risk appetite), monitoring the environment in which the Bank operates, and strengthening the Bank’s corporate culture.

Chairman of the Management Board and the Management Board are each accountable to both the Supervisory Board and the General Shareholders’ Meeting. The Chairman of the Management Board is appointed by the Supervisory Board upon recommendation of the Chairman of the Supervisory Board. Other members of the Management Board are appointed by the Supervisory Board upon recommendation of the Chairman of the Management Board. The Supervisory Board may at any time resolve upon the early termination of the Chairman of the Management Board or any member of the Management Board. The Management Board meets from time to time as necessary and makes its decisions by a simple majority of votes, provided that a quorum of at least half of the elected members is present.