For deeper consideration of issues and in order to form its objective and independent decisions the Supervisory Board of the Development Bank has established 4 committees headed by the independent directors: Audit Committee, Risks Committee, Budget, Remuneration and Nomination Committee, Strategic Development Committee.
One of the key tasks for the committees is to provide for high-quality preparation of the resolutions of the Supervisory Board within their scope of competence by means of a deeper study of issues and elaborating necessary recommendations. The committees conduct preliminary study of the major part of issues submitted for consideration of the Supervisory Board regarding the activities of the Development Bank.
The personal composition of the committees is ratified annually during the first meeting of the newly formed Supervisory Board of the Development Bank. At the same time at least half of the members of each committee are members of the Supervisory Board, the rest members are the employees of the Development Bank.
To provide for quick consideration of issues submitted for consideration of the Supervisory Board the meetings of Risks Committee and Audit Committee are held at least once a month, the meetings of Strategic Development Committee and Budget, Remuneration and Nominations Committee are held at least once every 6 months. The work of the committees is conducted in accordance with their work schedules.
Every year the performance of the committees of the Supervisory Board of the Development Bank is assessed by means of studying the Reports upon the results of each committees’ performance which form a part of the self-assessment of the Supervisory Board’s performance.
The activities of the committees of the Supervisory Board and the procedures regulating their work are governed by respective local regulatory legal acts of the Development Bank.
The Audit Committee of the Supervisory Board of the Development Bank is competent to consider issues in the following activity areas of the Development Bank and the Development Bank group:
Maintenance of the organization of the internal control system on a consolidated basis, including that of the Development Bank and the Development Bank group;
Maintenance of the organization of the internal audit sector;
Selection of the audit organization performing external audit of the Development Bank and organization of the necessary assistance.
The Risks Committee is responsible for ensuring high-quality preparation of decisions of the Supervisory Board of the Development Bank on the issue of the organization of the risk management system on a consolidated basis, including risks in the Development Bank and the Development Bank group, and its improvement through in-depth study of these issues and making the necessary recommendations.
Budget, Remuneration and Nomination Committee
The consideration of issues in the following areas of the Development Bank falls within the competence of Budget, Remuneration and Nomination Committee:
financial planning and budget execution of the Development Bank;
formation of the remuneration and compensation system and determination of the procedure for its application, as well as for all other forms of remuneration that are used in the Development Bank and types of payments provided by the remuneration system while taking into account the requirements of the legislation;
support, development and improvement of corporate governance;
selection and evaluation of candidates for members of the Supervisory Board;
organization of annual self-assessment of the effectiveness of the Supervisory Board and its members.
Strategic Development Committee
The competence of the Strategic Development Committee includes consideration of issues in the following areas of activity of the Bank:
definition and implementation of the strategic development plan and Key Performance Indicators of the Bank;
development of the Bank's priority areas of activity.