Corporate Governance

The key principles of PSB’s corporate governance system are as follows: compliance with the Russian legislation and regulations on corporate governance, protection of shareholders and stakeholders rights, supervision of financial and economic operations, and timely disclosure of operating results. In addition, PSB follows the Bank of Russia’s and the Federal Service for Financial Markets’ recommendations, as well as corporate governance principles adopted by the Organization for Economic Cooperation and Development and the Basel Committee on Banking Supervision. PSB also applies international best practice in corporate governance to the Bank’s procedures.

Financial market participants have recognized high standards of PSB corporate governance. According to Euromoney annual survey, in 2008, for the fourth year running PSB ranked among emerging Europe banks with the best corporate governance. The survey was based on the annual polling of financial institutions, which were asked to name the most successful and promising banks in corporate governance.

Transparency

PSB has been consistently improving its information transparency level. PSB regularly publishes financial statements under RAS (in Russian) and IFRS, organizes quarterly investor and analyst conference calls and issues press releases on important corporate events. PSB also regularly provides analytical information, including Russian-language daily and weekly securities, commodities and Forex market reviews, and English-language Investor Bulletin.

Corporate procedures

Corporate Governance Code
The Bank’s Corporate Governance Code was approved by the Board of Directors 10 December 2009

Code of Ethics
To be approved in 2010

Information Disclosure policy
The Bank’s Information Disclosure Policy was approved by the Board of Directors on 23 June 2008. In keeping with the Policy, PSB has set up a disclosure group, with a view to pursue a coordinated communications policy.

Insider Information and Insider Trading Policy
The Bank’s Insider Information and Insider Trading Policy was approved by the Board of Directors on 01 August 2008.

Dividend Policy
Since the Bank’s establishment in 1995, PSB shareholders adhered to the policy of full profit retention. No dividends have been paid out to shareholders to date. Hence, the Bank has no formal Dividend Policy.

Statutory documents

OJSC Promsvyazbank Charter, incl. Amendments 1-9, Regulations on the General Shareholders’ Meeting, Regulations on the Board of Directors, Regulations on the Management Board, Regulations on the President are currently available in Russian language only.

For Regulations on the Audit Committee, Regulations on the Nominations and Remunerations Committee, Regulations on the Strategy Committee, please go to: Board and Management / Committees