Session of Bank of Moscow's new Board of Directors illegal - VTB
MOSCOW. Feb 21 (Interfax) - The results of the first session of Bank of Moscow's new Bard of Directors elected at an extraordinary meeting of the bank's shareholders on Monday are illegal, VTB, which has 5 representatives on the 15-seat board, said in a statement circulated late Monday.
"The board members had not been notified about the first session which took place on February 21 right after the shareholders' meeting. The board members were not notified of the venue, time or agenda of the session in violation of the existing legislation and in a sign that the bank's current owners were in a hurry to pass decisions to their advantage, disregarding the interests of and trampling on the rights of the other parties," the statement says.
Because some board members were not present at Monday's session, its results, including the election of Bank of Moscow Vice Chairman Dmitry Akulinin as Chairman of the Board of Directors, must be regarded as illegal and violates corporate norms in the interest of the current top management, VTB said.