ECONOMY


SOFAZ Executive Director re-elected to Supervisory Council of VTB Bank for next term

Baku, April 27, AZERTAC

Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) Shahmar Movsumov has been re-elected as an independent member of the Supervisory Council of VTB Bank OJSC for the next term as an annual general meeting of the shareholders of VTB Bank OJSC was held in St. Petersburg, Russia.

During the meeting, the shareholders discussed Bank’s Annual Report and the Annual Financial Statements for 2016, profit allocation for 2016, dividends, dividend payment date and form, election of the members of the Supervisory Council and Statutory Audit Committee, selection of auditor for next financial year, new wording of the Regulations on VTB Bank Supervisory Council and Regulations on VTB Bank Management Board as well as new wording of the VTB Bank Charter.

In 2013 SOFAZ purchased newly issued shares of the VTB Bank OJSC in the amount of USD 500 million and acquired 2.95% of total shares of the Bank.

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