30.05.2008 /Investing
 VTB meets for the first time with minority shareholders
VTB held a meeting with minority shareholders on 28 May 2008 in order to improve the performance information transparency. The event, which took place on LenExpo Fairgrounds, St.-Petersburg, gathered more than 300 shareholders where VTB Deputy Chairpersons Vasily Titov and Yulia Chupina and the Board Member Nikolai Tsekhomsky spoke.At the meeting, Nikolai Tsekhomsky described highlights of VTB financial performance for 2007. In particular, he said that in the past year VTB showed remarkable growth in all the areas of business resulting in the highest-ever profit made by the Group. Owing to such performance results, the Supervisory Council decided to recommend VTB Bank’s General Shareholders Meeting to distribute 50% of the net profit. These indicators are much greater than those for 2007 when dividends were about 20% of total profit. In his statement on “Russian banking sector under the crisis in global financial markets”, Vasily Titov pointed out that under present turmoil VTB not only kept its development dynamics, but also succeeded in taking advantage of the situation in favour of its business expansion, increased market share and entry into new market segments. “Assuming that the Russian economy cannot completely ignore the financial crisis, our banking system clearly demonstrated its strength and soundness. This year we expect VTB to remain on leading positions in terms of absolute performance indicators and its development dynamics as well,” - said Vasily Titov. In her address, Yulia Chupina answered to questions related to VTB Group strategic development. In particular, she pointed out that this year VTB would continue vigorously expanding its network in Russia and other CIS countries and developing investment business, which will result in VTB Group’s more solid positions and greater fee income. At the meeting, a broad range of matters was discussed comprising dividend policy, price of equities on stock exchanges, circulation of equities and trades in equities, current performance of the Bank and outlook for 2008. Much consideration was given specifically to better corporate governance and closer interaction with the shareholders. In this respect, VTB top executives emphasised that VTB status as a public company made it necessary to launch a large variety of initiatives. In particular, two independent directors were elected to the Supervisory Council in charge of, among other duties, protection of minority shareholders. In addition, the Audit Committee was established and the Code of Corporate Conduct and the Code of Ethics were adopted. The Regulation on dividend and information policy of the Bank is going to be approved in the short run. Such efforts will bring much greater disclosure and transparency of the Bank aiming at its higher shareholding value. 
VTB Deputy Chairpersons Vasily Titov
This event was the first in the round of meetings with minority shareholders and such meeting are to be held on an annual basis. According to Vasily Titov, “VTB arranged this meeting with a view to achieve efficient dialogue with minority shareholders, and outcome of our today’s discussion is again a firm evidence that that our shareholders support us and share our ideas. Together we follow the right course implementing continuously the Development Strategy towards the main goal, that is, to turn VTB into a leading financial group worldwide.”
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