DOCSLIB.ORG

Facets of Success

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Facets of Success World Without Barriers. VTB Group Facets of Success Annual Report 2015 Maintaining leadership .... ...we adjust to market trends Despite the difficulties of 2015, VTB Group succeeded in maintaining its sustained leadership in the Russian financial sector due to its efficient solutions and prompt response to market fluctuations. In 2015, guided by the approved “Quality Growth Strategy”, the Bank remained faithful to its key development priorities and directions. Despite the external challenges, the Bank succeeded in maintaining its market positions and enhancing its risk management. VTB Group corporate loan portfolio (RUB billion) VTB Group corporate deposits (RUB billion) and Russian market share (%) and Russian market share (%) 17.2 21.1 16.5 19.4 15.5 15.5 18.4 18.8 14.7 17.8 8,150 4,384 7,205 3,520 2,590 5,100 2,526 2,379 3,954 4,210 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 Despite the difficulties of 2015, VTB Group VTB Group retail loan portfolio (RUB billion) VTB Group retail deposits (RUB billion) succeeded in maintaining its sustained leadership and Russian market share (%) and Russian market share (%) in the Russian financial sector due to its efficient 10.6 16.1 9.3 9.8 14.9 9.0 8.7 solutions and prompt response to market 13.7 13.3 13.3 2,883 fluctuations. 1,945 1,960 1,521 2,149 1,793 1,120 1,434 824 1,162 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 Contents Mission and values 4 5.3. General Meeting of Shareholders of VTB Bank 91 Statement of the Chairman of the Supervisory Council 6 5.4. Supervisory Council of VTB Bank 93 Statement of the President and Chairman of the Management Board 8 5.5. Management Board of VTB Bank 113 5.6. Remuneration of the members of the Supervisory Council 1. VTB Group financial highlights 10 and the Management Board 121 2. VTB Group market position 14 5.7. Statutory Audit Commission of VTB Bank 122 3. The economy and banking sector 18 5.8. Internal control and audit 123 4. Management report 24 5.9. Investor relations 126 4.1. Key events in 2015 24 5.10. Disclosure policy of VTB Bank 129 4.2. VTB Group strategy 26 5.11. Shareholder structure of VTB Bank 130 4.3. Review of operating performance 35 6. Corporate social responsibility 134 4.3.1. Corporate-Investment banking 35 6.1. Personnel 134 4.3.2. Mid-Corporate banking 50 6.2. Responsible resource management 136 4.3.3. Retail business 56 6.3. Social programmes 140 4.3.4. Other non-banking financial business 67 7. Management responsibility statement 144 4.4. Review of financial performance 68 8. VTB Group summary consolidated financial statements in accordance with IFRS 145 4.5. Risk management 72 9. Report on the compliance with the Corporate Governance Code in 2015 154 5. Corporate governance 86 5.1. Overview of the corporate governance system 86 10. Other information 167 5.1.1. VTB Group corporate governance 87 10.1. Details of VTB Bank 167 5.1.2. VTB Bank corporate governance 89 10.2. Dividends of VTB Bank 168 5.2. Development of corporate governance in 2015 90 11. Contact information 171 Mission and values Our mission Versatility. Our wealth of expertise across a broad range of financial products and services ensures that we offer To provide world-class financial products and services all of our customers the most comprehensive, flexible and that help to create a prosperous and sustainable future sophisticated solutions that suit their individual needs. for our customers, stakeholders and society. Team. Our dedicated team of professionals benefits from the synergy of knowledge afforded by our diverse Our values line of businesses, and our Group’s spirit is enhanced by the energy, creative insight and potential of each Trust. Gaining and retaining the trust of our customers is member of our team. VTB Group’s most important value. Our identity Reliability. VTB Group’s long-term strength is reinforced by leading positions in the financial markets where we VTB Group is the leading Russian financial institution operate and our ability to provide local expertise on a with a strong presence in key international markets. global scale. Our vision Transparency. Our business is open and transparent, and all of our key stakeholders cooperate closely in VTB Group’s goal is to become a premier player in all of order to deliver maximum value and visibility. its priority markets. VTB Annual Report 2015 Statement of the Chairman of the Supervisory Council 6 Governance Code approved by the Bank of processes allowed VTB Group to maintain its 7+ 7 Statement of the Chairman Russia in March 2014. The Bank’s main activities corporate governance rating as determined by the in the reporting period included the approval Russian Institute of Directors. of the Supervisory Council of new versions of a number of by-laws regulating the Bank’s corporate governance system, such Strengthening capital and further as the Bank’s Corporate Governance Code, development the Regulation on the Supervisory Council and the In order to strengthen its capital adequacy, The economy is expected to begin growing again in Regulations on Supervisory Council Committees. the Bank issued new preference shares worth 2017, and we should see a gradual change in this In addition, a new Regulation was approved more than RUB 307 billion. The entire issue direction already in 2016. VTB Group has big plans on Remuneration of Executive Bodies and the was acquired by the State Corporation Deposit for the coming year: completion of the merger System of KPIs. This updated system will reinforce Insurance Agency through a closed subscription. between the Bank of Moscow and VTB Bank, the employees’ focus on achieving the Bank’s This resulted in a significant increase in VTB launch of Post Bank and loan portfolio growth. strategic goals. Bank’s capital adequacy and, consequently, VTB Group strategy improved business sustainability in what was a In 2015, Sergei Galitsky was elected to the new challenging operating environment. As part of the Quality Growth Strategy adopted post of Senior Independent Director on the in 2014, the Group’s main priorities and areas Supervisory Council. The Senior Independent Work carried out throughout the year to ensure for development remained unchanged in 2015. Director coordinates interaction between the VTB’s further development will make it possible Work on maintaining market positions, increasing independent directors on the Supervisory Council to take advantage of all the opportunities that efficiency and improving the risk management and also interacts with the Bank’s shareholders. are now open to the Group, which, in addition system was successful despite external challenges. This development will make it possible to better to being beneficial for our shareholders, will The Supervisory Council continued making coordinate the efforts of the Chairman and of the have a positive impact on the Russian economy improvements to the VTB Long-Term Development independent directors, as well as to interact as a whole. Programme for 2014-2018. The programme was effectively with the investment community and updated to reflect the current market situation, individual shareholders. I am sure that the high degree of efficiency and an assessment was carried out regarding the of VTB’s management system, combined with efficiency of Group companies and the attainability Dear shareholders, The equal treatment of all shareholders responsible strategic decision-making, will ensure of the Group’s main targets. clients and partners, and maintaining an active dialogue with all the Group’s long-term sustainable growth and stakeholders remain among VTB’s top priorities. will strengthen its position both in Russia and Capital adequacy, one of the key indicators In 2015, VTB Group continued to pursue its internationally. strategy despite the challenging situation of business sustainability, exceeded our target Interaction between individual shareholders and in the economy and in the banking sector. in 2015. Results in the Group’s main business the Shareholders Consultative Council was further As a result of steps taken to improve efficiency lines met or exceeded expectations, thus fulfilling developed in 2015. The practice of electing and risk management, VTB Group continued our approved strategy. These positive results individual shareholders to the Supervisory supporting the economy by providing financing are particularly notable in light of the current Council continued, with the election in 2015 of for corporate clients and lending to retail clients, challenging external environment. Valery Petrov as the Chairman of the Shareholders including through the State-Supported Mortgage Consultative Council, which supports the practice Programme. As a result, the Group grew its loan Corporate governance of ensuring the participation of minority in the portfolio and customer deposits faster than the and shareholder relations management bodies of major Russian companies. market average in 2015, while also overcoming In 2015, VTB Bank continued to strengthen its Chairman the sharp decline in net interest margin at the corporate governance, including through the Interaction with shareholders, their participation of the Supervisory Council beginning of the year, and it delivered positive execution of the Supervisory Council’s action in VTB’s management and oversight bodies, and of VTB Bank Alexei Ulyukayev financial results. plan (‘road map’) for implementing the Corporate the transparency and efficiency of corporate VTB Annual Report 2015 Statement of the President and Chairman of the Management Board 8 was made possible by following a conservative One of the key events for the Group in 2016 will 9 Statement of the President and Chairman origination policy: provision charges for be our merger with the Bank of Moscow, which impairment decreased by 35% year-on-year.
Load more

Recommended publications
  • “Moscow Is Always Amazing, but It'll Be Even Better for the World Cup”
    The Locals Voices Moscow “Moscow is always amazing, but it’ll be even better for the Karine Khudaverdyan, 28 “You should definitely visit Propaganda World Cup” (propagandamoscow.com): a funky bar with tasty food at good prices. The next morning you might want to regain some energy at Sagah café Who knows a city better than its locals? (9 Kalashniy Lane), and from there walk down to We visited the Russian capital to ask for Manezhnaya square and pose in front of the art their tips ahead of kick-off this June installations inspired by the World Cup.” WORDS MIKHAEL AGAFONOV PHOTOS NATALIE DOOMCO Darina Osmolovskaya, 30 “To feel the football spirit of Moscow in the ’50s, take a walk around 'Torpedo' stadium (strel.ru) on Vostochnaya Street. The stadium’s Stalin era- architecture looks very striking in the working- class neighbourhood.” Andrey Glotov, 31 Grigory Telingater, 30 “Visit Taganskaya Square to see “Take a tourist boat down the Moskva a mural of Lev Yashin – the only River for great views of the city. I’d also goalie in the world to have been recommend Darling, I’ll Call You Later awarded the Ballon d’Or – plus (darlingbars.ru), a small chain of bars there are tons of bars in the area that always show big sport games. The where you can watch the games.” atmosphere is pretty electric.” WIZZ MAGAZINE 25 25-26_The Locals/Voices_Moscow DL.indd 25 12/03/2018 16:03 The Locals Dmitriy Kuzminov, 48 Julia Striganova, 30 “You can’t get a better “Once the sun’s out, there’s only view of the city than one thing to do: go outside! Start from Vorobyovy Gory, with a breakfast on Bulka bakery’s and that’s where the veranda (69 Bolshaya Gruzinskaya).
    [Show full text]
  • Russian M&A Review 2017
    Russian M&A review 2017 March 2018 KPMG in Russia and the CIS kpmg.ru 2 Russian M&A review 2017 Contents page 3 page 6 page 10 page 13 page 28 page 29 KEY M&A 2017 OUTLOOK DRIVERS OVERVIEW IN REVIEW FOR 2018 IN 2017 METHODOLOGY APPENDICES — Oil and gas — Macro trends and medium-term — Financing – forecasts sanctions-related implications — Appetite and capacity for M&A — Debt sales market — Cross-border M&A highlights — Sector highlights © 2018 KPMG. All rights reserved. Russian M&A review 2017 3 Overview Although deal activity increased by 13% in 2017, the value of Russian M&A Deal was 12% lower than the previous activity 13% year, at USD66.9 billion, mainly due to an absence of larger deals. This was in particular reflected in the oil and gas sector, which in 2016 was characterised by three large deals with a combined value exceeding USD28 billion. The good news is that investors have adjusted to the realities of sanctions and lower oil prices, and sought opportunities brought by both the economic recovery and governmental efforts to create a new industrial strategy. 2017 saw a significant rise in the number and value of deals outside the Deal more traditional extractive industries value 37% and utility sectors, which have historically driven Russian M&A. Oil and gas sector is excluded If the oil and gas sector is excluded, then the value of deals rose by 37%, from USD35.5 billion in 2016 to USD48.5 billion in 2017. USD48.5bln USD35.5bln 2016 2017 © 2018 KPMG.
    [Show full text]
  • (The “Notes”) Issued by Eurasia Capital S.A
    5 November 2019 Dear Ladies and Gentlemen Proposed offering of Perpetual Callable Loan Participation Notes (the “Notes”) issued by Eurasia Capital S.A. (the “Issuer”) The Issuer is proposing to undertake an offering (the “Offer”) of the Notes on the terms set out in a series prospectus dated 5 November 2019 (the “Series Prospectus”) which is being sent or made available to you with this letter. This letter contains important information relating to restrictions with respect to the offer and sale of the Notes (including pursuant to the PI Rules (as defined below) to retail investors). RESTRICTIONS WITH RESPECT TO THE MARKETING, OFFER AND/OR SALE OF NOTES TO RETAIL INVESTORS The Notes discussed in the attached Series Prospectus are complex financial instruments and are not a suitable or appropriate investment for all investors. In some jurisdictions, regulatory authorities have adopted or published laws, regulations or guidance with respect to the offer or sale of securities such as the Notes to retail investors. In particular, in June 2015, the UK Financial Conduct Authority (the “FCA”) published the Product Intervention (Contingent Convertible Instruments and Mutual Society Shares) Instrument 2015 (the “PI Instrument”). In addition, (i) on 1 January 2018, the provisions of Regulation (EU) No. 1286/2014 on key information documents for packaged and retail and insurance-based investment products (“PRIIPs”) became directly applicable in all EEA member states and (ii) the Markets in Financial Instruments Directive 2014/65/EU (as amended) (“MiFID II”) was required to be implemented in member states of European Economic Area (“EEA”) by 3 January 2018.
    [Show full text]
  • Russia: Investment Banking Review Full Year 2019 Refinitiv Deals Intelligence
    Russia: Investment Banking Review Full Year 2019 Refinitiv Deals Intelligence 1 QUARTERLY HIGHLIGHTS HIGHLIGHTS M&A FEES UP 151% M&A TOP FINANCIAL ADVISOR ECM FEES UP 808% VTB Capital DCM FEES UP 13% ECM TOP BOOK RUNNER Goldman Sachs & Co LOAN FEES DOWN -2% DCM TOP BOOK RUNNER ANY INV. M&A DOWN -5% VTB Capital TARGET M&A DOWN -5% M&A TOP TARGETED INDUSTRY ECM PROCEEDS UP 499% Industrials DCM PROCEEDS UP 12% DCM TOP ISSUING ECM TOP ISSUING Click on any of the above arrows to INDUSTRY INDUSTRY go straight to the analysis. Financials Materials CLICK BELOW TO SIGN UP FOR OUR NEWSLETTERS, PURCHASE CUSTOMIZED DATA OR FOLLOW US ON SOCIAL MEDIA: 2 REPORT SUMMARY INVESTMENT BANKING FEES Investment banking fees in Russia reached an estimated US$347.7 million during 2019, 80% more than the value recorded during 2018 when fees sunk to the lowest level since 2002. The 2019 Russian investment banking fee total is 31% less than the decade average of US$501.2 million annually. Fees generated from completed M&A transactions increased 151% year-on-year to US$87.4 million. Equity capital markets fees totalled US$103.4 million, more than nine-times the value earned during 2018, while debt capital markets underwriting fees increased 13% to US$103.3 million. Syndicated lending fees declined 2% to a seventeen-year low of US$53.9 million. Both equity and debt capital markets underwriting fees each accounted for 30% of the overall Russian investment banking fee pool. Syndicated lending fees accounted for a 15% cut, while M&A advisory fees accounted for 25%, the highest share since 2015.
    [Show full text]
  • Annual Report Annual Reportannual
    World without barriers 2009 Annual report Annual reportAnnual 2009 Presence Overcoming Distance Cooperation with VTB, an international financial group, enables you to control all your business processes, no matter where you are. Mission and values Mission To provide world-class financial services for a sustainably better future for our customers, our shareholders and our society. Values Customer confidence. Our customers’ confidence is our most important value. Reliability. Our prominent position in financial markets, our international expertise and our global scale guarantee our strength and reliability. Transparency. Our business is open and transparent with a focus on partnership and cooperation. Versatility. Our expertise in different financial areas allows us to offer all customers comprehensive and sophisticated solutions. Team Spirit. Our dedicated team of professionals has the advantage of the synergy of knowledge, potential, energy and creative insight of each team member. Vision VTB will be a champion in all our target markets. Identity VTB Group is the leading Russian financial institution with global presence and scale. VTB 2009 Annual Report 2 Statement of the Chairman of the Supervisory Council Dear shareholders, clients and partners, Looking back at 2009, we are pleased that within the overall context of the global economic crisis Russia managed to avoid the worst fears of the market. The domestic economy largely overcame the issues posed by the crisis and even entered the first stage of economic recovery. The current state of the national banking sector can also be considered in a positive light as, in general, it has already achieved stability. The measures undertaken by the Government and the Bank of Russia to support banks in the second half of 2008 and throughout 2009 generally overcame the lack of liquidity in the market and maintained the stability of the financial system by meeting the credit supply needs of the real economy.
    [Show full text]
  • An Overview of Boards of Directors at Russia's Largest Public Companies
    An Overview Of Boards Of Directors At Russia’s Largest Public Companies Andrei Rakitin Milena Barsukova Arina Mazunova Translated from Russian August 2020 Key Results According to information disclosed by 109 of Russia’s largest public companies: “Classic” board compositions of 11, nine, and seven seats prevail The total number of persons on Boards of the companies under study is not as low as it might seem: 89% of all Directors were elected to only one such Board Female Directors account for 12% and are more often elected to the audit, nomination, and remuneration committees than to the strategy committee Among Directors, there are more “humanitarians” than “techies,” while the share of “techies” among chairs is greater than across the whole sample The average age for Directors is 53, 56 for Chairmen, and 58 for Independent Directors Generation X is the most visible on Boards, and Generation Y Directors will likely quickly increase their presence if the impetuous development of digital technologies continues The share of Independent Directors barely reaches 30%, and there is an obvious lack of independence on key committees such as audit Senior Independent Directors were elected at 17% of the companies, while 89% of Chairs are not independent The average total remuneration paid to the Board of Directors is RUR 69 million, with the difference between the maximum and minimum being 18 times Twenty-four percent of the companies disclosed information on individual payments made to their Directors. According to this, the average total remuneration is approximately RUR 9 million per annum for a Director, RUR 17 million for a Chair, and RUR 11 million for an Independent Director The comparison of 2020 findings with results of a similar study published in 2012 paints an interesting dynamic picture.
    [Show full text]
  • Russia & Cis' Largest Virtual Capital Markets Event
    REGISTER YOUR PLACE TODAY AT WWW.BONDSLOANSRUSSIA.COM RUSSIA & CIS’ LARGEST VIRTUAL CAPITAL MARKETS EVENT 500+ 40+ 250+ 100+ 2,100+ SENIOR WORLD CLASS SOVEREIGN, CORPORATE INVESTORS CONTACTS AVAILABLE TO ATTENDEES SPEAKERS & FI BORROWERS NETWORK WITH ONLINE It’s great to have Bonds & Loans with us in all times - good and bad. Our team has particularly enjoyed the networking opportunities, the program is excellent too, and you’ve proved once again your reputation of the leading capital markets event in Russia. Dmitri Surkov, Global Head of Revenue Management, Fitch Ratings Gold Sponsor: Silver Sponsors: Bronze Sponsors: Corporate Sponsors: www.BondsLoansRussia.com BRINGING GLOBAL FINANCE LEADERS TOGETHER WITH THE RUSSIA & CIS CAPITAL MARKETS COMMUNITY Meet senior decision-makers from Russia & the CIS sovereigns, corporates and banks; share knowledge; debate; network; and move your business forward in the current economic climate without having to travel. 500+ 40+ 250+ SENIOR WORLD CLASS SOVEREIGN, CORPORATE 100+ ATTENDEES SPEAKERS & FI BORROWERS INVESTORS Access top market practitioners from Industry leading speakers will share Hear first-hand how local and international Leverage our concierge across the globe who are active in “on-the-ground” market intelligence industry leaders are navigating Russia & the meeting service the Russia & CIS markets, including: and updates on Russia & the CIS’s CIS’s current economic climate/what they to engage with global senior borrowers, investors, bankers & economic backdrop. Gain actionable expect in
    [Show full text]
  • Scarica Programma
    Nel moltiplicarsi dei mondi e delle nuove genti risuona dalle antiche profondità di un tempo pur sempre giovane il richiamo del Bello, dell’Intelligenza e dell’Arte. Che è anche comandamento a non vacillare nella loro difesa. Giorgio Ferrara con il patrocinio di Presidenza del Consiglio dei Ministri Ministero degli Affari Esteri e della Cooperazione Internazionale Camera di Commercio di Perugia promosso da official sponsor main supporter official car main partner project sponsor sponsor & supplier premium partner sponsor project partner partner sponsor tecnici main media supporter HOTEL DEI DUCHI SPOLETO Viale G. Matteotti, 4 - 06049 - Spoleto (PG) - Italy Tel. +39 0743 44541 - Fax +39 0743 44543 www.hoteldeiduchi.com - [email protected] DEL GALLO EDITORI D.G.E. srl Z.I. Loc. S. Chiodo | Via dei Tornitori, 7 | 06049 Spoleto-Umbria main media partner Tel. 0743 778383 Fax 0743 778384 | [email protected] con la partecipazione di Ucio culturale Ambasciata di Israele - Roma si ringrazia media partner I MECENATI DEL FESTIVAL DEI 2MONDI ACCADEMIA NAZIONALE DI SANTA CECILIA | CON SPOLETO | CONFCOMMERCIO SPOLETO CONFINDUSTRIA UMBRIA | TRENITALIA SPA | NPS-CONVITTO SPOLETO SISTEMA MUSEO | INTERNATIONAL INNER WHEEL | ROTARY DI SPOLETO PIANOFORTI ANGELO FABBRINI | E.T.C. ITALIA | S.I.C.A.F. SPOLETO PROGRAMMA GIORNALIERO GIUGNO GIUGNO GIUGNO 24 VENERDÌ 25 SABATO 26 DOMENICA 10.00 Palazzo Tordelli 9.30-19.30 Rocca Albornoziana 12.00 / 16.00 9.30-19.30 Rocca Albornoziana p. 259 AMEDEO MODIGLIANI, p. 263 IN-VISIBILE Museo Diocesano Salone dei Vescovi p. 263 IN-VISIBILE LES FEMMES p. 224 GLI INCONTRI inaugurazione 10.00 Cantiere Oberdan DI PAOLO MIELI 10.00-13.00/16.00-20.00 p.
    [Show full text]
  • Company News SECURITIES MARKET NEWS
    SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody May 28, 2020 Issue No. 2020/20 Company News Samolet shareholders vote against new share issue for IPO On May 21, 2020 shareholders of Russian real estate developer Samolet voted against issuing additional common shares. Samolet earlier planned a new share issue for an initial public offering (IPO), but later abandoned the idea. A spokesperson for the company stated that the developer wants to approve a new additional share issue plan in the next two months and a half, but does not plan an IPO until the autumn. Rosneft board appoints Igor Sechin as CEO for 5 more years On May 22, 2020 the board of directors of Russian oil major Rosneft approved the appointment of Igor Sechin as the CEO of the company for five more years. Sechin became CEO of Rosneft in May 2012. Initially, his contract was valid until May 2015, when his powers were prolonged for five years. MTS board nominates members, including Channel One CEO Ernst On May 22, 2020 the board of directors of major Russian mobile operator MTS nominated a list of board candidates, including TV channel Channel One CEO Konstantin Ernst, to be elected at an annual general meeting of shareholders on June 24. The list also contains Felix Yevtushenkov, member of the board of directors of multi-industry holding Sistema, MTS’ core shareholder. The board also approved Natalia Mikheyeva as director for internal audit and control. Rosneftegaz cuts stake in Rosneft to 40.4% from 50% plus one share On May 25, 2020 it was reported that Russian state energy holding Rosneftegaz reduced its shareholding in oil major Rosneft to 40.4% from 50% plus one share on March 28 to lose its controlling position.
    [Show full text]
  • 25 YEARS of GROWTH in HARMONY with OUR CUSTOMERS Highlights 1
    ANNUAL REPORT 2016 25 YEARS OF GROWTH IN HARMONY WITH OUR CUSTOMERS Highlights 1. Strategic Report 5. For Shareholders and Investors Key Financial Performance Indicators 2. Overview of Operations 6. Sustainable Development Mission and Values 3. Financial Results Contacts 2 / 197 4. Corporate Governance System Appendices www.mkb.ru Annual Report 2016 / Table of Contents Table of Contents Highlights Key Financial Performance Indicators Mission and Values 1. Strategic Report 2. Overview of operations 5. For shareholders and investors Appendices 1.1. Address of the Chairman of the 2.1. Corporate banking 6. Sustainable development Appendix 1. Supervisory Board IFRS Statements 2.2. Retail banking 6.1. Human Resources 1.2. Address of the Chairman of the Appendix 2. Management Board 2.3. Cash handling 6.2. Corporate Culture RAS Statements and Social Responsibility 1.3. Management Responsibility 3. Financial results Appendix 3. Statement 6.3. Information technologies List of interested party transactions 3.1. Income statement analysis made in the reporting year (2016) 1.4. Economy and banking sector 6.4. Society 3.2. Key Results List of major transactions made in 1.5. Business model. 6.5. Environmental Management the reporting year (2016) Competitive advantages. 3.3. Income statement analysis Position in the industry. Contacts List of transactions requiring 3.4. Structure of assets and liabilities approval under the Charter made in 1.6. Strategy under IFRS the reporting year (2016) 1.7. Risk Management 4. Corporate governance system Appendix 4. Report on Compliance with the Principles and Recommendations of the Corporate Governance Code. Highlights 1. Strategic Report 5.
    [Show full text]
  • Conscious Responsibility 2 Contents
    Social Report 2016 World Without Barriers. VTB Group Conscious Responsibility 2 Contents VTB Group in 2016 4 3.3. Internal communications and corporate culture 50 Abbreviations 6 3.4. Occupational health and safety 53 Statement of the President and Chairman of the Management Board of VTB Bank (PJSC) 8 4. Social environment 56 1. About VTB Group 10 4.1. Development of the business environment 57 1.1. Group development strategy 12 4.2. Support for sports 63 1.2. CSR management 13 4.3. Support for culture and the arts 65 1.3. Internal (compliance) control 16 4.4. Support for health care and education 69 1.4. Stakeholder engagement 17 4.5. Support for vulnerable social groups 71 2. Market environment 26 5. Natural environment 74 2.1. Support for the public sector and socially significant business 27 5.1. Sustainable business practices 74 2.2. Support for SMBs 34 5.2. Financial support for environmental projects 77 2.3. Quality and access to banking services 35 6. About the Report 80 2.4. Socially significant retail services 38 7. Appendices 84 3. Internal environment 44 7.1. Membership in business associations 84 3.1. Employee training and development 46 7.2 GRI content index 86 3.2. Employee motivation and remuneration 49 7.3. Independent Assurance Report 90 VTB Social Report 2016 About VTB Group Market environment Internal environment Social environment Natural environment About the Report Appendices VTB Group in 2016 4 VTB Group in 2016 5 RUB 51.6 billion earned 72.7 thousand people 274.9 thousand MWh in net profit employed by the Group
    [Show full text]
  • Become More Skillful Every Day. There Is No Limit to Perfection. Hagakure
    STRATEGIES FOR BUSINESS IN MOSCOW Become more skillful every day. There is no limit to perfection. Hagakure A PROPOS Robbie Williams was wrong when he referred to a Russian Today, these crimson jackets can only been businessman as “a modern Rasputin” in his famous hit found in museums. Modern Russian businessmen “Party Like a Russian.” But he’s not the only one to think have stopped wearing clothes that were popular so. A lot of businessmen abroad are convinced that doing among their predecessors in the 90s. Along with business in Russia is dangerous because anarchy and their appearance, their attitudes have changed lawlessness reign here. This is in spite of the fact that Russia as well. These days, Russian businessmen want keeps climbing up in the Doing Business rating, which is more than to make a lot of money. According to published every year by the World Bank. In just one year, one representative from the All-Russian Non- Russia jumped from 35th to 31st place. And keep in mind Governmental Organization of Small and Medium- that back in 2012, Russia was in 120th place! Unfortunately, Sized Business Opora Russia, a modern entrepreneur old habits die hard. As Karl Marx once pointed out, is, first and foremost, someone who is open to new “a person’s mind is the strongest fortress.” information. They have a different perspective on the world. Moreover, an entrepreneur's reputation Actually, the times when the first thing a foreign plays a much bigger role than it used to. Honesty and businessman did after coming to Russia was hire a reliability are valued, and partners who have stood bodyguard are long gone.
    [Show full text]