Corporate Governance

Conducting day-to-day business the Bank's management adheres to corporate governance principles of honesty, openness, performance orientation, responsibility and accountability, commitment to the organization.

VAB Bank has developed and introduced the Code of Business Conduct and Ethics to build effective corporate governance in accordance with high international standards.

The Bank ensures the responsible, value-driven management and control of all business lines through the system of corporate governance, maintaining constructive relations with and equal treatment of all shareholders, effective collaboration between the Management Board and the Supervisory Board, transparent and timely reporting.

The Bank is managed through a multi-tier system of governing bodies comprised of:

— the General Meeting of Shareholders;
— the Supervisory Board;
— the Management Board.

To ensure the efficient management as well as control over the Bank's business lines, the Supervisory Board of the Bank maintains the following committees:

— Assets and Liabilities Management Committee (ALCO)

— Credit Committee

— Tariffs Committee

— Tender Committee