Press releases | Archive 2002
Board of Directors Meeting, held on March 1, 2002.
In view of the upcoming IPO on two major Russian exchanges in 2002, the number of members of the RBC Board of Directors has been increased to 12 people. The following four well-known representatives of the Western business community have joined the Board of Directors: Barclays Capital Executive Chairman Mr. Hans-Joerg Rudloff, a member of the Novartis Board of Directors, who had long been the head of Credit Suisse First Boston; President of the Interval company Mr. Yury Mostovoi, a former Vice President of Citibank; Mr. Neil Osborn, Managing Director and Publisher of the Euromoney Group; and Mr. Michael Hammond, Managing Director of ABN-AMRO Rothschild.
RBC has become one of the few Russian companies that have managed to attract such reputable top Western managers on its Board of Directors. This is an outstanding event in modern history, intended to develop the company's business by means of broadening its presence on traditional markets, entering new markets and increasing the efficiency of operations.
Audit and Compensation Committees within the Board of Directors have also been established. Mr. German Kaploun, Chairman of the RBC Board of Directors, has become the head of the Audit Committee, along with two other foreign directors. The Audit Committee will be responsible for the financial control of the company's operations. Mr. Hans-Joerg Rudloff has become the Chairman of the Compensation Committee, which will be responsible for reviewing and approving the company's compensation policies and programs.
On the threshold of the placing of RBC shares on Russian exchanges, the decision to invite independent directors is aimed at developing business, making the company a benchmark of transparency, emphasizing the company's commitment to Western standards of corporate governance and increasing the company's attractiveness for investors.