Corporate governance

Corporate Governance Code

The corporate governance system of EXIMBANK OF RUSSIA JSC is built on the principle of full compliance with the requirements of Russian legislation and the Bank of Russia and also takes into account the best international practices to the fullest extent possible.

The Bank’s supreme governing body is the General Meeting of Shareholders. The Board of Directors of the Bank, elected by and accountable to shareholders, ensures strategic management and control of the activities of the executive bodies: the Chairman of the Management Board and the Management Board. Executive bodies provide day-to-day management and implement the tasks assigned to them by shareholders and the Board of Directors.

As of 01.01.2020, the Bank applied the Corporate Governance Code of EXIMBANK OF RUSSIA JSC approved by the Board of Directors (Minutes of meeting No. 7 dated 26.11.2012) drawn up in compliance with the recommendations of the Bank of Russia.

EXIMBANK OF RUSSIA JSC pays great attention to the development and maintenance of a unified corporate culture. For example, to identify growth points in early 2019, the Bank conducted a comprehensive study on the degree of involvement of REC Group’s employees. 231 employees of the REC Group took part in the study, which is 42% of the total number of employees. The study helped identify the main factors of the negative attitude of the employees. Based on these data, a set of measures was proposed aimed at increasing employee loyalty and awareness.

To implement this measure in 2019:

  • A corporate portal is constantly developing, which is a tool for communication, knowledge and ideas sharing, feedback collection and professional work. To increase employee awareness of the new events held by the Group, 32 weekly newsletters were drawn up, 300 news articles were published, 13 articles were introduced to Export-Wiki knowledge base, HR news began to be distributed weekly, which were aimed to inform the employees about the main corporate working instruments;
  • Regular meetings were organized with HR representatives to discuss critical topics, which helped to increase employee loyalty during the corporate transformation;
  • A number of strategic sessions were held to develop «Sectoral Strategies and Plans for the Development of Service Export» and proposals for their inclusion in the second regulatory package under «Systemic Development Measures for International Cooperation and Export.»

To maintain the corporate culture in 2019, EXIMBANK OF RUSSIA JSC developed an Employee Code of Conduct. The Code is based on the results of a strategic session on corporate culture held jointly with the REC Group’s value ambassadors in July 2019, the internal labor regulations, as well as the developed rules of open-office etiquette, discussed with employees.

In 2019, Internal Audit Service (hereinafter the «IAS») conducted the annual audit of the Bank in terms of corporate governance quality and compliance of its employees and management with the Bank’s Corporate Governance Code.

The audit was conducted:

  • under the procedure (test) for internal corporate governance quality assessment adopted in the State Specialized Russian Export-Import Bank (Joint-Stock Company) and approved by the Board of Directors (minutes of meeting No. 14 dated 30.12.2015), enacted by Resolution No. 410 dated 31.12.2015;
  • under the policy and the list of issues outlined in the letter of the Bank of Russia No. 11-Т «On the list of issues for corporate governance assessment by credit institutions» dated 07.02.2007.

The internal audit of the corporate governance quality has been conducted as of 25.12.2019 in the context of the following issues (levels of management decision-making/levels of control), which are the basis of the Bank’s Corporate Governance Code:

  • assessment of the Bank shareholders’ rights execution;
  • assessment of the Board of Directors’ performance;
  • assessment of the executive management performance;
  • assessment of information disclosure;
  • assessment of risk management procedures, internal audit, internal control, compliance control;
  • assessment of corporate social responsibility, business ethics;
  • assessment of the implementation of the Bank’s Development Strategy.

The internal audit assessed the quality of corporate governance as «satisfactory, consistent with nature and scope of the Bank’s activities.»

In 2019, risk management procedures were improved due to the introduction of the best international practices as compared to the assessment for the previous reporting period. A new version of the Board of Directors Regulation has been approved, which provides opportunities for more flexible governance, including through meetings in the form of video conferencing. Moreover, in 2019, new issues concerning the monitoring of the remuneration system were introduced into the list addressed by the Board of Directors.

Board of Directors and Management Board

In 2019, the Board of Directors consisted of 5 persons.

According to the Resolution of the Annual General Meeting of Shareholders of the Bank (meeting date: 28.05.2018, minutes of meeting No. 2 dated 30.05.2018), the Board of Directors, acted from 28.05.2018 to 29.03.2019, was elected, consisting of following 5 persons: Gruzdev A.V., Kalamanov G.V., Slepnev A.A., Teplov O.V., Tyupanov A.A. Slepnev A.A. was elected Chairman of the Board of Directors.
According to the Resolution of the Extraordinary General Meeting of Shareholders (meeting date: 29.03.2019, minutes of meeting No. 1 dated 01.04.2019), the Board of Directors, acted from 29.03.2019 to 29.05.2019, was elected, consisting of following 5 persons: Gusakov N.V., Kalamanov G.V., Maksimov T.I., Slepnev A.A., Teplov O.V. Slepnev A.A. was elected Chairman of the Board of Directors.
According to the Resolution of the Annual General Meeting of Shareholders of the Bank (meeting date: 29.05.2019, minutes of meeting No. 2 dated 30.05.2019), the Board of Directors was elected, consisting of following 5 persons: Gusakov N.V., Kalamanov G.V., Maksimov T.I., Slepnev A.A., Teplov O.V. Slepnev A.A. was elected Chairman of the Board of Directors.

Board of Directors and Management Board

Gruzdev Aleksey Vladimirovich (born in 1979) –

  • is the member of the Board of Directors of EXIMBANK OF RUSSIA JSC since 2018
  • Deputy Minister of Economic Development of the Russian Federation (until 21.06.2018)
  • Deputy Minister of Industry and Trade (from 21.06.2018)
  • In 2002, he graduated from Lomonosov Moscow State University (Institute of Asian and African Studies).

Gusakov Nikita Valeryevich (born in 1981) –

  • is the member of the Board of Directors of EXIMBANK OF RUSSIA JSC since 2019
  • General Director of EXIAR JSC (from 06.09.2018)
  • In 2003, he graduated from the Financial University under the Government of the Russian Federation.

Kalamanov Georgy Vladimirovich (born in 1976) –

  • is the member of the Board of Directors of EXIMBANK OF RUSSIA JSC since 2009,
  • Deputy Minister of Industry and Trade of the Russian Federation (until 05.08.2019)
  • Deputy Director for Development and International Business
  • Director for Development and Strategic Projects at Rosatom State Corporation (from 08.08.2019)
  • In 1998, he graduated from the State University of Management.

Maksimov Timur Igorevich (born in 1986) –

  • is the member of the Board of Directors of EXIMBANK OF RUSSIA JSC since 2019
  • Deputy Minister of Economic Development of the Russian Federation (until 03.03.2020)
  • Deputy Minister of Finance of the Russian Federation (from 04.03.2020)
  • In 2008, he graduated from the Russian Foreign Trade Academy of the Ministry for Economic Development of the Russian Federation.

Slepnev Andrey Aleksandrovich (born in 1969) –

  • is the member of the Board of Directors of EXIMBANK OF RUSSIA JSC since 2018
  • Chairman of the Board of Directors
  • General Director of Russian Export Center JSC (until 09.02.2020)
  • member of the Board (Minister for Trade) of the Eurasian Economic Commission (from 02.03.2020)
  • In 1992, he graduated from Lobachevsky State University of Nizhny Novgorod
  • In 1998, he graduated from the Law College – Specialized Institute of Jurisprudence of Lomonosov Moscow State University.

Teplov Oleg Vladimirovich (born in 1978) –

  • is the member of the Board of Directors of EXIMBANK OF RUSSIA JSC since 2014
  • executive officer of the Presidential Experts’ Directorate (until 29.05.2018)
  • General Director of VEB Innovations LLC (from 21.05.2018)
  • In 2000, he graduated from Plekhanov Russian University of Economics.

Aleksey Tyupanov (born in 1984) –

  • is the member of the Board of Directors of EXIMBANK OF RUSSIA JSC since 2014
  • Director General of EXIAR JSC (until 06.09.2018)
  • Advisor to the General Director of Russian Export Center JSC (from 07.09.2018 to 06.11.2018)
  • Advisor at Promsvyazbank PJSC (from 15.11.2018)
  • In 2006, he graduated from Lomonosov Moscow State University.

The above members of the Board of Directors did not own the Bank’s shares and did not make transactions therewith in 2019. There were no conflicts of interest among the members of the Board of Directors.

Information about the Chairman of the Management Board and the members of the Management Board

Smagin Roman Yuryevich

  • Deputy Chairman of the Management Board from 17.08.2016
  • Acting Chairman of the Management Board from 16.05.2017
  • Financial University under the Government of the Russian Federation, 1999, specialty: finance and credit
  • Qualification: economist
  • Continuing professional education:

    • Educational organization: State University - Higher School of Economics
    • Main program: Master of Business Administration (MBA), specialization: MBA - finance and banks Graduation date: 2006

Gavryush Natalya Ivanovna

  • Deputy Chairman of the Management Board from 03.07.2017
  • Financial University under the Government of the Russian Federation, 1995, specialty: finance and credit Qualification: economist

Personnel policy

The personnel policy of EXIMBANK OF RUSSIA JSC is aimed at creating a strong team of specialists capable of managing issues faced by the Bank, delivering high-quality services and customer satisfaction, creating a corporate culture focused on continuous improvement and development, accountability, creating conditions for attracting and retaining competent employees to fully realize their potential, opportunities for their professional growth and development, creating a flexible remuneration system based on the principles of strict adherence to the requirements of the Bank of Russia, namely taking into account nature and scope of operations performed by the Bank, the results of the Bank’s activities, the degree and combination of accepted risks.

1
Number of employees as of 01.01.2020
CategoryMenWomen
Total staff, including:81127
Managers138
Specialists68118
Other employees (operating staff)01
4
EXIMBANK’ staff structure in 2019, by age, %
under the age of 30 | 16%at the age of 30-50 | 68%above the age of 50 | 16%2019
2
Total number of employees as of 01.01.2020
Under the age of 30
menwomentotal
132033
At the age of 31–50
menwomentotal
5488142
Above the age of 50
menwomentotal
141933
3
Total number of employees hired in 2019
Under the age of 30
menwomentotal
505
At the age of 31–50
menwomentotal
81321
Above the age of 50
menwomentotal
000
4
Total number of employees dismissed in 2019
Under the age of 30
menwomentotal
6511
At the age of 31–50
menwomentotal
162642
Above the age of 50
menwomentotal
459

The social policy of EXIMBANK OF RUSSIA JSC is aimed at increasing the degree of social protection of employees. Besides the mandatory social guarantees established by labor legislation, the employees of EXIMBANK OF RUSSIA JSC have the opportunity to take advantage of additional corporate benefits and compensations, such as voluntary medical insurance, additional paid leave, one-time payment for leave, payout after birth and marriage.

The development and improvement of labor protection culture is one of the crucial objectives in implementing the personnel policy. EXIMBANK OF RUSSIA JSC implements training on labor protection and assessment of the knowledge of labor protection requirements for managers and experts.

Key provisions of the Bank’s remuneration policy and information on remuneration of the management bodies of EXIMBANK OF RUSSIA JSC

The Personnel and Remuneration Committee under the Board of Directors of the Bank, established in 2016, continued its operations in 2019. The Committee carries out its activity in accordance with the requirements set forth in Regulation of the Central Bank of the Russian Federation No. 154-И dated 17.06.2014 «On the Procedure for Assessing the Remuneration System in the Credit Institution and the Procedure for Referring to the Credit Institution Instructions on Eliminating the Violation in its Remuneration System.»

5 meetings
of the Personnel and Remuneration Committee under the Board of Directors were held in 2019

Objectives of the Personnel and Remuneration Committee under the Board of Directors:

  • ensuring the formation of effective and transparent practice for the remuneration and motivation obtained by the members of the Bank’s executive bodies and other senior management of the Bank;
  • improving the performance of the Board of Directors and executive bodies of the Bank;
  • determination of criteria and a system for evaluating the performance of the executive bodies of the Bank, the Audit Commission of the Bank, the head of the Internal Audit Service and other senior management of the Bank.

Competencies of the Personnel and Remuneration Committee under the Board of Directors:

  • proposing criteria for selecting candidates for the Management Board of the Bank, the Audit Commission, the position of Chairman of the Management Board, and preliminary assessment of these candidates;
  • drawing up recommendations to the Board of Directors concerning the candidates for the positions of members of the executive bodies of the Bank and other key executives of the Bank;
  • examining the list of Bank employees who accept risks (in addition to members of the executive bodies) and preparing recommendations regarding approval;
  • considering the issues of the organization, monitoring and control of the remuneration system, assessing its compliance with the Bank’s strategy, nature and scope of operations, its results, degree and combination of risks borne by the Bank;
  • considering the personnel policy of the Bank, control of its implementation and preparation of proposals for its adjustment in accordance with the Bank’s development strategy;
  • preliminary consideration of proposals on key performance indicators to evaluate management performance, which should be taken into account when making remuneration and personnel decisions;
  • preparation of decisions on issues related to the remuneration system.

In 2019, the Bank used the remuneration system, developed and approved in 2016 as amended in 2017 in accordance with Regulation of the Central Bank of the Russian Federation No. 154-И dated 17.06.2014 «On the Procedure for Assessing the Remuneration System in the Credit Institution and the Procedure for Referring to the Credit Institution Instructions on Eliminating the Violation in its Remuneration System.»

The policy in the field of remuneration and motivation determines the goals, principles, structure and mechanism of the remuneration system and applies to all employees, which have entered into labor relations with the Bank.

The main objectives of the Policy in the field of remuneration and motivation of employees of EXIMBANK OF RUSSIA JSC:

  • creating a mechanism for skilled workers attracting and retaining;
  • improving the involvement and interest of each employee in achieving the Bank’s goals;
  • creating an effective remuneration mechanism that will take into account the remuneration received by an employee and his contribution to the Bank’s performance;
  • creating an understandable and objective system for evaluating each employee performance;
  • creating favorable working conditions for Bank employees.

The policy in the field of remuneration and motivation is an internal regulatory document that governs all types of employee benefits and determines the structure of remuneration of employees in EXIMBANK OF RUSSIA JSC, including fixed and non-fixed components.

Bank’s remuneration and motivation system is based on the principles of strict adherence to the requirements of the Central Bank of the Russian Federation, namely, it takes into account nature and scope of operations performed by the Bank, the Bank’s performance, the degree and combination of risks.

To determine a non-fixed remuneration component, the most objective individual performance and efficiency indicators have been developed in addition to the corporate performance indicators approved by the Board of Directors.

188
employees of the Bank underwent a performance assessment in 2019 based on the performance for 2018

Performance assessment is carried out quarterly and annually. The aggregate KPI is formed based on the results of the assessment. This KPI determines the size of the variable component of the employee’s remuneration. AN employee and an executive discuss the results achieved, provide feedback and outline plans at the face-to-face meetings. This approach allows focusing the efforts of employees on priority objectives and creates additional prerequisites for implementing the strategy of EXIMBANK OF RUSSIA JSC.

In 2019, the Board of Directors approved the Regulation on the procedure for deferred compensation payment to the Bank’s employees accepting risks. The Regulation was developed taking into account the requirements of Regulation of the Central Bank of the Russian Federation No. 154-И dated 17.06.2014 «On the Procedure for Assessing the Remuneration System in the Credit Institution and the Procedure for Referring to the Credit Institution Instructions on Eliminating the Violation in its Remuneration System.»

In the case of the Bank’s employees accepting risks, in accordance with the list approved by the Management Board of the Bank, the non-fixed component shall be at least 40 percent (including the deferred component) of the total remuneration of the employee (when calculating target values), in the case of the employees of the internal control and risk management departments, the same shall be no more than 50 percent.

In the case of the overall or specific negative financial performance of the Bank, the size of the variable component of remuneration and payments deferred earlier should be adjusted (significantly reduced or canceled).

It is envisaged that the mechanisms of remunerative incentives used should not result in acceptance of excessive risks by the Bank. At EXIMBANK OF RUSSIA JSC, at least 40 percent of the non-fixed component of the employees, accepting risks, is deferred for not less than three years and is subject to further adjustment (including reduction or cancellation) in accordance with the results obtained.

The Board of Directors monitors the remuneration system, which is guided by the Bank’s Personnel Policy. In accordance with the approved Personnel Policy, the remuneration system is monitored at least once a year by the Bank’s Internal Audit Service or an independent auditor under the procedure established by the Bank’s internal documents.

In 2019, the Internal Audit Service monitored the remuneration system. The Personnel and Remuneration Committee under the Board of Directors has acknowledged that the existing remuneration system of EXIMBANK OF RUSSIA JSC complies with the Bank’s strategy, nature and scope of operations, performance, degree and combination of risks.

The Bank ensures a regular, at least once a calendar year, full and reliable disclosure of information about the remuneration system by reflecting data in the annual accounting (financial) statements.

Selecting and onboarding

As part of attracting young ambitious specialists to the Bank’s team, the REC Group participated in the Professional Training 2.0 project, which is a new mechanism for interaction between undergraduates of educational institutions and an employer, onboarding students and ensuring internships as a social elevator for young people.

Training and development

As part of maintenance and popularization of the Value Mission of the REC Group, which was presented to the employees in December 2018, three events were organized and held in 2019. The first one was dedicated to the visualization of the Group’s values, the second – to compliance with the values and the third - children’s drawing contest. The winners were awarded by the General Director of the REC Group.

In 2019, the bank continued to support volunteering activities. It held a charity event to collect clothes and other things for foster children from the Sosensky educational orphanage, Donor Day, together with VEB.RF and Joy of Old Age Fund raised funds for the Vyshnevolotsky care home, donated 1.5 million rubles to House of industriousness Noah.

Within the framework of the «Dream with me» federal project the «Wish Tree» charity event was held. The philanthropists provide magic and joy as a gift, e.g. a meeting with an idol, a set for drawing, etc., rather than treatment or purchase of necessary technical equipment.

In 2019, the REC Group held a series of «What? Where? When?» games. The winner was able to participate in the autumn game series of the corporate league along with representatives of RZD, Rosneft, Sibur and others. Traditionally, the company also organized the celebration of the Women’s Day, the New Year’s Eve («Winter Wonder Workshop»), events for children of the employees, «Secret Santa» show, the celebration of the 23rd of February. The Group also supported sports initiatives, such as weekly indoor football, volleyball, hockey, yoga classes.

To create an effective system for employee development, PM & recognition, in 2019, the HR management department introduced an approach to the development of an expert career for REC Group employees.

17 employees
of EXIMBANK OF RUSSIA JSC received Acknowledgments from the Chairman of the Management Board of the Bank for job achievements. The respective entries were made in their employment record books

Quality management

During 2019, the REC Group introduced a separate quality management procedure aimed at increasing the degree of customer loyalty and satisfaction through building a system of continuous improvements and increasing the quality of services and products based on the analysis of client feedback. The quality management system is based on the NPS (Net Promoter Score), which is a globally highly recognized simple and effective system for measuring the quality of customer experience and building loyalty.

NPS surveys allowed expanding the channels for collecting customer feedback, creating a more convenient way for the Bank’s clients to submit claims, complaints and suggestions. A significant reduction in the time for handling complaints and improving cross-functional interaction between the departments resulted, among other things, in improving the quality of complaints processing. No repeated complaints were submitted in 2019.

The customer satisfaction index was assessed in the 4th quarter of 2019, along with the introduction of NPS in pilot mode. The target value was assessed in 80 points. The final satisfaction index amounted to 82 points.

Procurement management, anti-corruption efforts

917 procurement
contracts totaling ₽634M were concluded.

The purchases from small and medium-sized enterprises amounted to 48.41% of the total share of procurements in 2019. 15.38% of tenders were held solely among SMEs.

The following amended internal regulatory documents of EXIMBANK OF RUSSIA JSC were approved in the first half of 2019:

  1. Procurement regulations;
  2. Regulations on the Tender Committee, establishing the principles of planning, preparation, conduct and documentation of procurements, as well as the adoption of decisions in the field of procurements by the Tender Committee.

The procurement management information system (PMIS), namely existing procurement negotiation and approval processes were improved according to the amended industry-specific regulatory documents.

The PMIS was integrated into the Sberbank-AST electronic trading platform and UIS, and the publication of competitive procurement procedures was automated.

A form of documentation for procurements conducted solely among small and medium-sized enterprises was developed.

During 2019, the Regulation on Combating Corruption in the State Specialized Russian Export-Import Bank (Joint-Stock Company) was enacted at EXIMBANK OF RUSSIA JSC, which is an internal regulatory document binding on all employees. In the first half of 2020, EXIMBANK OF RUSSIA JSC is planning to approve an updated package of internal anti-corruption regulatory documents. Besides, EXIMBANK OF RUSSIA JSC has a security hotline with a dedicated email address and telephone number (information is collected around the clock).

To maintain a high level of anti-corruption culture, training and informing of employees are carried out. Briefings are held with newly hired employees of EXIMBANK OF RUSSIA JSC. They are familiarized with internal regulatory documents aimed at implementing measures to combat corruption and conflicts of interest.

When identifying insufficient anti-corruption measures at EXIMBANK OF RUSSIA JSC or changes in the requirements of the applicable legislation of the Russian Federation, the Chairman of the Management Board of EXIMBANK OF RUSSIA JSC, as well as responsible persons elaborate and implement an action plan for revising and amending the Regulation on Combating Corruption in the State Specialized Russian Export-Import Bank (Joint-Stock Company) or anti-corruption measures.

EXIMBANK OF RUSSIA JSC energy consumption summary table for 2019

Reporting yearEnergy consumption
KWRubles
2019335,1921,951,522.20
Note: Heat energy consumption is not recorded in premises rented by the Bank, since the common heat energy meters are installed for the entire complex of buildings of World Trade Center PJSC.

Reference information

The Bank is the member of:
  • Association of Russian Banks;
  • Russian Financial and Bank Union;
  • Moscow Exchange;
  • ROSSWIFT;
  • SWIFT;
  • National Committee for the Assistance to the Economic Cooperation with Latin American countries (NC SESLA);
  • National Association of Stock Market Participants (NAUFOR);
  • Russian National Committee of International Chamber of Commerce (ICC Russia).

The Bank does not have branches and other separate divisions (including in foreign states) and local business unit.

By the Resolution of the Board of Directors dated 21.08.2006, the Bank voluntarily ceased working with deposits of natural persons and withdrew from the deposit insurance system.

EXIMBANK OF RUSSIA JSC credit ratings: Ba1 according to Moody’s, ruAA with stable outlook according to Expert RA.

Full name:

State Specialized Russian Export-Import Bank (joint-stock company)

Legal address: 12 Krasnopresnenskaya embankment, 123610, Moscow

Postal address: 12 Krasnopresnenskaya embankment, 123610, Moscow

INN: 7704001959

KPP: 997950001

OGRN: 1027739109133

OKPO: 29296990

Correspondent account: 30101810545250000192 with the Central Bank of the Russian Federation Main Branch

BIK: 044525192

SWIFT: EXIRRUMM

Reuters code: REIB

Telephone: +7 (495) 967-07-67

Telephone/Fax: +7 (495) 967-07-67

Address: 12 Krasnopresnenskaya embankment, 123610, Moscow

E-mail: mailbox@eximbank.ru