NSD Supervisory Board Adopts Resolutions Related to AGM Preparation

07 March 2017
Print version

On 6 March 2017, a meeting of the Supervisory Board of National Settlement Depository (NSD), Russia’s central securities depository, took place.

The Supervisory Board made the following decisions based on the Moscow Exchange’s proposals:

  • To put an item on the agenda of the 2017 Annual General Meeting of shareholders (AGM) establishing the number of Supervisory Board members with the following wording: “To establish the number of NSD Supervisory Board members as 15 persons for the period until the 2018 AGM;”
  • To put forth the following candidates for the Supervisory Board of NSD on the ballot for the Company’s 2017 AGM:
    • Alexander Afanasiev, Chairman of the Executive Board, Moscow Exchange;
    • Paul Bodart, Independent Director, Chairman of the Audit Committee, Dexia SA/NV, Belgium;
    • Mikhail Bratanov, Regional Head (Russia and CIS), Société Générale Securities Services, Head of the Securities Services Department, PJSC ROSBANK;
    • Bella Zlatkis, Deputy Chairman of the Management Board, Sberbank of Russia;
    • Igor Marich, member of the Executive Board, Managing Director of Money and FX Markets, Moscow Exchange;
    • Nadezhda Ushakova, Senior Vice President, Head of the Depository, PJSC VTB Bank;
    • Dmitry Shcheglov, member of the Executive Board, COO, Moscow Exchange.
  • To add the following candidates for the Internal Audit Committee on the 2017 AGM ballot:
    • Olga Gordienko, Chief Accountant, Moscow Exchange;
    • Anna Ivenkova, Head of the IFRS Reporting Department of the Financial Division of the Finance Unit, Moscow Exchange;
    • Vladimir Sukhachev, Head of the Internal Audit Service, Moscow Exchange.

The Supervisory Board added Nikolai Chemodurov, Deputy Head of the Depository Center, Head of the Division for the Analysis and Control of Depository Operations, GPB (OJSC), to the National Settlement Depository Customer Committee (Central Securities Depository Customer Committee). Mr. Chemodurov replaced Irina Aldyakova, whose powers on the Committee were terminated.

Evgenia Abrukina, Director of the Financial Department, Moscow Exchange, was approved as the new Chairman of the Budget Committee of the Supervisory Board of NSD. The powers of the Committee’s previous chairman, Evgeny Fetisov, were terminated.

The Supervisory Board set the priority areas of development for the company. In 2017, the company will focus on initiatives designed to raise the level of customer satisfaction such as the creation and development of user-friendly interfaces for interaction with NSD, and on the development of businesses areas, in particular, e-voting, settlement services, NSD’s collateral management system, and the CIC’s technological base (nsddata.ru). Another priority area will be increasing operational reliability through the development of fault tolerant IT infrastructure and its continuous monitoring.

The members of the Supervisory Board approved the fees for NSD’s new services: the use of a priority code that allows priorities to be set for executing instructions for securities delivery, and the Linked Transactions service which provides clients with the opportunity to create a pool of linked transactions within the framework of which a sequence of the execution of instructions is built pursuant to a condition established by the client. The appropriate changes were made in NSD’s Fee Schedule for Depository Services, the Fee Schedule for NSD services related to performing transactions with securities in respect to which NSD opens nominee CSD accounts or acts as a party performing mandatory centralized custody, and the Fee Schedule for Clearing Services of NSD.

NSD’s Clearing Rules were also amended; the updated version of the Rules will be published on the Company’s website once the Rules are registered with the Bank of Russia.

The Supervisory Board considered the Report on the Implementation of the Income, Expenditures, and Profit Budget and Capex Budget for 2016, the report on the results of risk assessment and the report on the assessment of the risk management activities’ efficiency for 2016.

The annual assessment of the state of corporate governance, in accordance with Bank of Russia recommendations, is an important tool for ensuring corporate governance quality. The Supervisory Board reviewed and approved the report on the state of NSD’s corporate governance in 2016.

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