Corporate governance

CEB has a clear policy of maintaining a corporate governance system in accordance with international principles of corporate governance established by the OECD, documents of the Basel Committee on Banking Regulation and Supervisory Practices, and the recommenda­tions of the Russian Central Bank.

The Articles of Association of the Bank elaborates the recommendations of The Russian and Dutch Central Banks and CEB NV. Accordingly, all management, decision making, risk management, internal audit functions and regulations of the Bank are clearly defined and transparently disclosed.

Alongside governance, corporate culture plays a vital role within the Credit Europe Group. The promotion of the Group’s Code of Ethics as well as its core values to employees at all times aims to build and protect Credit Europe Group’s culture.

Credit Europe Group fosters a culture of openness and trust in which healthy debate is encouraged. While executing the Business Plan for 2010, CEB’s team will apply these principals and will ensure sustained public trust and confidence in our bank.

CEB recognizes three main corporate governance bodies: the General Meeting of Shareholders, the Board of Directors and the Executive bodies of the Bank.

The Executive bodies are President and Managing Board. These bodies are responsible for operational control over the Bank. The Committees established by President, i.e., Assets and Liabilities Committee, Retail Credit Committee, Corporate Credit Committee, SME Credit Committee, FI Credit Committee, Operational Risk Committee, IT Steering Committee, HR Committee and Disciplinary Committee help to ensure efficiency in the Bank’s various operational activities.         

The Legal, Compliance and Corporate Gover­nance Department (LCCG), which was established in 2007, is respon­sible for supporting the proper functioning of the respective management bodies, as well as for organizing the process of corporate decision-making, which includes preparing draft resolutions, implementing control, storing signed documents and reporting regularly on the status of all work.

Top priority for supervision of compliance will continue to be placed on the Bank’s observance of Russian legal requirements and evaluation of non-compliance risks, as well as on improvement of the mechanisms to coun­teract money laundering schemes and financ­ing of terrorist activities.