The FINANCIAL -- At the annual shareholders’ meeting of the Public Joint Stock Company Raiffeisen Bank Aval held today in Kyiv, the shareholders have approved the reports of the Management Board and the Supervisory Board on the bank’s performance results in 2014 and defined the main directions of its activities for 2015.
The meeting has also approved the report and conclusions of the Auditing Commission about the performance of the bank and its subsidiaries in 2014 and the reports and conclusions about the bank’s activities in 2014 made by the auditing company — the Private Joint Stock Company KPMG Audit, according to Raiffeisen Bank Aval.
The shareholders have approved the annual financial statements of Raiffeisen Bank Aval and the consolidated financial statements of the bank and its subsidiaries for the reporting year. Particularly, they have approved the losses from the bank’s activity in 2014 amounted to UAH 3, 806, 322 thousand according to the International Accounting Reporting Standards. Because of the absence of a profit of the bank for 2014 and retained earnings for the previous years, the shareholders have decided not to make distribution and payment of dividends on the bank’s shares.
The shareholders have also elected a renewed membership of the Supervisory Board of the bank composed of: Karl Sevelda as Chairman of the Supervisory Board, Peter Lennkh as Deputy Chairman of the Supervisory Board, and Herbert Stepic, Kurt Geiger, Kurt Bruckner as Supervisory Board members, and Eberhard Winkelbauer and Pavlo Sheremeta as independent members of the Supervisory Board of Raiffeisen Bank Aval JSC.
In regard to new legislative norms coming into force, the shareholders’ meeting has also approved changes into the Articles of Association, the Regulations about the Supervisory Board, The Time Limit of the Shareholders’ Meeting as well as the Principles of Corporate Management of Raiffeisen Bank Aval JSC.