The Russian government has appointed former first deputy CBR chairman Gennady Melikyan its representative at VTB Bank’s supervisory board. As an independent director was also nominated Leonid Melamed, deputy board chairman at AFK Sistema, a relevant order was posted on the government’s web site.
As representatives of the Russian Federation in VTB Bank’s supervisory board were also nominated the bank’s current supervisory board chairman Sergey Dubinin, VTB Bank CEO Andrey Kostin, Deputy Finance Minister Alexey Savatyugin, director of the department at the Finance Ministry of Russia Alexey Uvarov and first deputy CBR chairman Alexey Ulyukaev.
On the list of nominees to the position of independent directors are president of investment fund TPG David Bonderman, Nord Stream managing director Matthias Warnig, Barkley CJSC board chairman Leonid Kazinets and rector of the Saint Petersburg State University Nikolay Kropachev.
So, of VTB Bank’s present supervisory board members the bank’s supervisory board will have no seats for Ivan Okolkov, director of a department at the Ministry for Economic Development, and Mukhadin Eskindarov, the rector of the University of Finance attached to the Russian government, (representatives of the Russian Federation), and also former Troika Dialog CEO Pavel Teplukhin and independent advisor Grigory Glazkov (independent members).
Last year VTB Bank’s supervisory board underwent changes after authorities called state officials to leave board seats at state-run businesses. The position was left by former Finance Minister Alexey Kudrin (he chaired the supervisory board), presidential aide Arkady Dvorkovich and also deputy head of the Government Executive Office Anna Popova.
Melikyan resigned as the first deputy CBR chairman in September 2011. Experts thought he stepped down following errors in the work of the banking supervisory unit that failed to keep in check several major banks including the Bank of Moscow, 94.8% of which is currently held by VTB Group. Melikyan himself, however, said that he had long wanted to leave this post.