OREANDA-NEWS. July 22, 2013. In Moscow the first meeting has taken place of the VTB Shareholders Consultative Council, whose members were elected by VTB shareholders in early July. President and Chairman of the Management Board of VTB Bank Andrei Kostin, First Deputy President and Chairman of the VTB Bank Management Board Vasily Titov and all previous members of the VTB Shareholders Consultative Council attended the meeting.

The top VTB managers thanked the first members of the VTB Shareholders Consultative Council for their effective work and substantial contribution to launching a constructive dialogue between top bank executives and minority shareholders. “Over the past few years, we have made considerable headway in cooperation between the bank and minority shareholders,” Andrei Kostin said. “This was proved by an important step - the election of Yelena Popova, a representative of minority shareholders, to the VTB Shareholders Consultative Council. We are confident that the traditions established by the first members of the VTB Shareholders Consultative Council will continue to develop successfully,” he said.

During the meeting, the members of the VTB Shareholders Consultative Council discussed how the Council’s activities should be organised. The previous members of the VTB Shareholders Consultative Council addressed the meeting and ceded their powers. Ex-Chairman of the Consultative Council Vladimir Tarachev singled out the main issues raised by minority shareholders, while Tatyana Buravtseva, a previous member of the VTB Shareholders Consultative Council, called on Council members to devote more attention to personal contacts with shareholders.

The participants in the next meeting of the VTB Shareholders Consultative Council, scheduled for September 2013, will elect the Council Chairman, approve a new version of the Consultative Council Regulations and a plan of the work to be done over the next 12 months.