The Supervisory Board, as established in the Charter, governs the Exchange. The Supervisory Board functions include setting the strategy and development priorities, ensuring effective control over the Exchange’s financial and business activities, guarantying execution and protection of shareholders rights as well as help in solving corporate conflicts and facilitating effective performance of the Exchange’s executive bodies including through monitoring of their activities.
The competence of the Supervisory Board includes issues relating to setting the Exchange’s development priorities, appointing members of the Executive Board and early termination thereof, calling and preparing AGMs, advising on dividend size, hearing, from time to time, statements of the CEO on the Exchange activities, etc.
In 2014, the Supervisory Board held 20 meetings, of which six were in presentia. The Board discussed the appointment of members of the Exchange Council and user committees, approval of new tariffs and trading rules for different Exchange markets, 2013 KPI performance by members of the Executive Board and their KPIs for 2014, the adoption of the 2015 consolidated budget, the strategy of the Exchange for
The Supervisory Board was comprised of 19 members prior to the 2014 AGM. At the Extraordinary general meeting of the Exchange’s shareholders held on 14 November 2013, it was decided to reduce the membership to 15. After the 2014 AGM, the Board included four independent directors that met all independency criteria set forth in the Listing Rules, ten non-executive directors and the Chairman of the Executive Board of the Exchange.