The Supervisory Board plays a major role in corporate governance system of the Development Bank by conducting the general management of the entity’s operation except issues which are within the competence of the General Shareholders’ Meeting by virtue of legislation and the Articles of Association of the Development Bank.
The head of the Supervisory Board of the Development Bank is the Prime Minister of the Republic of Belarus by virtue of his position. This peculiarity is stipulated by the Decree of the President of the Republic of Belarus dd January 24, 2013 No45 and applies only for the Development Bank.
The Supervisory Board includes the representatives of the state and independent directors. The presence of independent directors participating in governing of the Development Bank allows the Supervisory Board to form the objective opinion in respect of the issues under discussion and contributes to strengthening of counter-parties’, partners’ and clients’ confidence. The independent directors have knowledge and practical experience in various areas of economy, which allows the Development Bank to efficiently promote its activities within the frames of its strategic tasks.
Qualitative composition of the Supervisory Board is formed subject to comprehensive knowledge and experience of its members which allows to conduct the efficient governance, including also taking respective decisions which is important when the candidates are selected to the Supervisory Board of the Development Bank. The structure of the Supervisory Board has an optimal balance of the representatives of shareholders and independent directors, which corresponds to the best international practice.
For further deep consideration of issues and in order to form objective and independent decisions the Supervisory Board of the Development Bank has created 4 committees.
The activities of the Supervisory Board and the procedures regulating its work are governed by the Articles of Association of the Development Bank and local regulatory legal acts of the Development Bank.