A minority voice disappeared VTB

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Chairman of the Council of Federation Sergey Mironov

VTB will double the number of independent directors, but a representative of minority shareholders in the bank's supervisory board and will not appear in spite of last year's plans. The experience of other companies that held "popular" IPO, shows that rely on the minority advisory vote is not worth it.

At the Friday VTB Supervisory Board approved the agenda of future meeting of shareholders VTB. The Supervisory Board, in particular, has offered to double the number of independent members in its structure. If it had been rector of St. Petersburg State Nicholas Kropachyov and managing director of Swiss company Nord Stream, Matt Varnig, now Rosimuschestvo also invited nominations psychologist consultant Gregory Glazkova and the Rector of the Finance Academy under the Government of the Russian Federation Muhadina Eskindarova.

In the VTB explained that the increase in the number of independent members in the composition of the supervisory board - a general tendency for companies with gosuchastiem (77.5% stake in VTB controlled by the state). The idea that boards of directors of companies (in the VTB board of directors is similar to the supervisory board) officials to replace the independent directors, the president Dmitry Medvedev has expressed a year ago. Since then their numbers have increased, for example, in the CFR, "Transneft", AHML, Sovcomflot. As for companies not fully owned by the state and spent "popular" IPO, he said Vice-Premier Igor Sechin, this work will be done carefully (see "Kommersant" on 11 July 2008).

The agenda of the next meeting of shareholders VTB (appointed on 29 June) was not on the inclusion of representatives of minority shareholders in the supervisory board. Meanwhile, at the previous meeting of VTB President Andrei Kostin promised to "develop measures to consolidate the necessary 2% of the shares to make those from minority shareholders in the bank's supervisory board in a year" (see "Kommersant" on 27 June 2008). At the same time has been previously agreed by candidate Representative - L. Baron, a former head of department of credit and financial markets, the Ministry of Economics and Adviser to the Chairman of the Federation Council Sergei Mironov (his candidacy as a representative of minority shareholders intend to make to the board of directors of Rosneft). But in early February, Mr. Baron was killed (see "Kommersant" dated February 6).

Minorities recognize that they can hardly get a seat in the supervisory board VTB. According to the director of Garamir "and a member of the initiative group minority VTB Vladimir Sinyakova, consolidation needed for this 2% stake in the bank" almost unreal. " "Folk" shareholders can rely on the establishment of a commission on which direction VTB could discuss their strategy for the development of the bank, said Mr. Sinyakov. However, other participants in "people's" IPO has not yet been able to establish such a body. Proposals to establish an advisory committee of the minority under the rule of "Rosneft" were filed several months ago, but no final decision was made, said the owner of the shares of the company Alexey bulk. In Sberbank committee to work with minorities was created, explained yesterday at the bank, but also discussed or adopted by the decision to call it difficult.