OREANDA-NEWS. September 24, 2008. After discussing fulfillment of the strategy of the Bank, the Board of Directors adopted a resolution for placement of its third series of bonded debt; the amount of the issue – 1.5 billion rubles. The Board of Directors paid particular attention to the important matter of how to organize raising subordinate credit for inclusion as a source of additional capital for the Bank.

Deputy Chairman of the Board of Directors Natalya Maksimyuk reported that the Bank had petitioned the Bank of Russia for permission to report financial results of the Bank for 2008 without recognition of expenditures for business development in conjunction with the strategy it had adopted, the Strategy of Bank Electronika for 2007-2012. Members of the board endorsed the plan developed by the Management Board for further action regarding the petition.

No less topical was the next matter considered by the Board of Directors: approval of a new concept for the work of the Internal Auditing Service. Enhancement of systems for internal control within the Bank is extremely important, foremost, to ensure that the institution’s strategic goals are realized, that long-term objectives for efficiency and profitability are achieved, and that a reliable system of financial and managerial reporting is maintained. It is also essential to strengthen controls over the observance of laws and regulatory norms and internal rules and procedures as well as controls over reducing the risk of unforeseen losses or damage to the reputation of the Bank. Members of the board endorsed time-phased optimization of systems for internal control.

The report from Corporate Secretary of Bank Electronika Olga Strakhova was devoted to intensifying the work of the committees of the Board of Directors. The election of new members of the Board of Directors at the Annual General Meeting of the Shareholders in June 2008 and adherence to best practices of corporate governance required that the Board of Directors adopt a number of resolutions guaranteeing effective work of such important components of corporate governance as the Board of Directors itself. The day before the session of the board, meetings were held with candidates for appointment to the Committee for Risk Management and the Auditing Committee. Agreements were reached on organization of the committees’ work and preliminary work plans were reviewed.

The session of the Board of Directors of the Bank concluded with the adoption of a resolution approving that body’s plan of work for 2008-2009.