Bank of Russia and Government sign shareholder agreement on equity stake in Sberbank
In order to secure the rights and legitimate interests of corporate relationship participants, including minority shareholders, and to ensure the continuity of Sberbank’s corporate governance and the pursuance of its priority activities, the Bank of Russia and the Government of the Russian Federation represented by the Russian Ministry of Finance signed a shareholder agreement on 30 April 2020.
The goals and certain terms of the shareholder agreement were stipulated in compliance with Article 1 of Federal Law No.
In accordance with the shareholder agreement, Sberbank’s new controlling shareholder may nominate no more than 4 candidates to Sberbank’s Supervisory Board, including 1 officer of the Bank of Russia.
The agreement establishes an exhaustive list of issues on which Russia’s Government may give instructions to state agents and professional attorneys elected to Sberbank’s Supervisory Board. These issues are related to the approval of an agenda of the General Meeting of Shareholders, election of the chairperson of the Supervisory Board, election of the CEO and chairperson of the Executive Board and early termination of his/her powers, recommendations on amounts of dividends on shares and the dividend payout procedure, and the approval of Sberbank’s dividend policy.
The agreement also stipulates the dividend payout target of at least 50% of the Sberbank Group’s distributable net profit under IFRS with account for the restrictions provided for by Sberbank’s dividend policy.
The shareholder agreement will remain effective until 30 April 2023. The last share held by the Bank of Russia in Sberbank was delivered to the Government of the Russian Federation on 30 April 2020.
The Bank of Russia will send the shareholder agreement to Sberbank with the recommendation to disclose its text on the issuer’s website.
При использовании материала ссылка на Пресс-службу Банка России обязательна.