SOFAZ Executive Director re-elected to Supervisory Council of VTB Bank for next term

Baku. 27 April. REPORT.AZ/ Annual General Meeting of the shareholders of VTB Bank OJSC was held on April 26, 2017 in St. Petersburg, Russia. 

As a member of the Bank’s Supervisory Council, Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) Shahmar Movsumov participated at the meeting as a member of the Bank’s Supervisory Council.

Report was informed in the SOFAZ press service.  

During the meeting shareholders discussed Bank’s Annual Report and the Annual Financial Statements for 2016, profit allocation for 2016, dividends, dividend payment date and form, election of the members of the Supervisory Council and Statutory Audit Committee, selection of auditor for next financial year, new wording of the Regulations on VTB Bank Supervisory Council and Regulations on VTB Bank Management Board as well as new wording of the VTB Bank Charter.

Executive Director of SOFAZ Sh. Movsumov was re-elected as an independent member of the Supervisory Council of VTB Bank OJSC for the next term.

In 2013, SOFAZ purchased newly issued shares of the VTB Bank OJSC in the amount of USD 500 million and acquired 2.95% of total shares of the Bank.