The annual General Shareholder’s Meeting of B.I.N.BANK was held

On June 18, 2008 the annual General Shareholder’s Meeting of B.I.N.BANK (JSC) was held. The shareholders approved annual report of the Bank for 2007 and annual financial statements including income statement.

During the meeting the shareholders approved the restated Charter. Changes were adopted for the purpose of adjusting the provisions of the Bank’s Charter to international standards of corporate governance. “Last year Deloitte audited the corporate governance system in the Bank and formulated recommendations on its efficiency and transparency upgrade including amendments to the Charter which are now adopted by Shareholder’s Meeting”, stated Grigory Guselnikov, President of the Bank.

The main amendments to the Charter are related to specification and redistribution of management issues between the Board of Directors and executive bodies of the Bank. As a result of such redistribution, position of the Board of Directors in general management issues and supervision of the current activity of the executive bodies, including internal control and audit, shall be strengthened.

The Shareholder’s Meeting also decided not to pay dividends according to the results of 2007 on all types of shares and established the size of remuneration for the members of the Board of Directors according to the results of 2007: Chairman of the Board of Directors – 3 000 000 (three million) rubles, Members of the Board of Directors – 1 500 000 (one million five hundred) rubles each.

The shareholders reelected the Board of Directors. Now the Board includes M. Shishkhanov, S. Egorov, S. Maryin, G. Guselnikov and E. Klishina. Likewise, the Bank’s Auditing Commission was elected. The Shareholder’s Meeting adopted the schedule of works for 2008 related to formation of the main committees of the Board of Directors according to world standards of corporate governance practice as well as principal provisions and approaches to development of B.I.N.BANK’s social responsibility.

JSC “Audit firm “Univers-audit” was approved as the Bank’s auditor according to national accounting standards in 2008.

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