Such executive bodies as the CEO and Chairman of the Executive Board as well as the Executive Board itself manage day-to-day operations of the bank.
The bank’s executive bodies and the Supervisory Board enjoy a high degree of autonomy. The Supervisory Board does not interfere with the daily activities of the executive bodies or limit their ability to quickly resolve the bank’s ongoing issues. However, the executive bodies regularly inform the Supervisory Board about the bank’s major operational issues related to the implementation of the bank’s Development Strategy and business planning and development, as well as about the status of the risk management and internal control system.
The Supervisory Board interacts with the bank’s executive bodies and officials in order to obtain complete and accurate information for decision-making.
Remuneration of Senior Management
According to Sberbank’s IFRS consolidated financial statements, the remuneration of the CEO and Executive Board members equalled RUB 2,825.8 mn in 2014. (2013 — RUB 3,197.6 mn).
Total remuneration paid to Executive Board members includes salaries, bonuses, annual paid leave, sick leave, travel expenses (average salary), social benefits, year-end remuneration, compensation for membership in the Supervisory Board and other payments stipulated by law and the bank’s regulations.
Annual remuneration is recorded for the period of assessment of effectiveness as part of the annual remuneration in 2014. The amount to be paid in 2015 is based on estimates. The estimates were made as per standards under the employment contract in accordance with the resolution of the Supervisory Board.