Evaluating the effectiveness of Supervisory Board meetings

Sberbank’s Supervisory Board also carried out a self-assessment of its own efficiency in 2013, including internal evaluation of Board procedure and composition, and the evaluation of its internal effectiveness and the practice of communication between the Board and the bank. In the first half of 2013 we carried out an external evaluation of the Supervisory Board activity as required by the British and Russian codes of corporate governance.

The evaluation identified principal and additional matters the Supervisory Board and its committees will need to focus on while planning their future activity.

The evaluation also showed a high level of the Board activities efficiency, optimal regularity of Board meetings, and the availability of sufficient time for Board members to perform their duties. The Supervisory Board devotes much time to discuss such matters as the current financial position and development strategies of the bank.

Board members provide a high level of communication between the Supervisory Board and the bank’s management as well as compliance of financial/management reports with the principles of completeness, timeliness, and clarity.

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