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in 2005, Fitch Ratings upgraded the Bank's long-term rating from 'В-' to 'В'. In detail…

Corporate Committees

The Board of Directors of the Bank may set up standing and ad hoc committees for preliminary review and discussion of the most important issues falling within the competence of the Board of Directors of the Bank. The Board of Directors' committees operate under provisions approved by the Board of Directors of the Bank. The Board of Directors of the Bank names members of the committees.

Advisory bodies of the Board of Directors of OJSC Bank ZENIT and its committees are headed by members of the Board of Directors of the Bank. To date, the Board of Directors of the Bank has set up the following standing committees: the Strategic Planning Committee, the Audit Committee and the Personnel and Remuneration Committee.


Strategic Planning Committee The Chairman or other members of the Board of Directors of the Bank decide on the numerical strength of, and nominate members to the Strategic Planning Committee, including the Committee Chairman and deputy Chairman, subject to consent of the Board of Directors of the Bank.		PROVISIONS of the Strategic Planning Committee
Audit Committee The Chairman or other members of the Board of Directors of the Bank decide on the numerical strength of, and nominate members to the Audit Committee, including the Committee chairman and deputy Chairman, subject to consent of the Board of Directors of the Bank. The Audit Committee may not have fewer than three members. A member of the Audit Committee must be a member of the Bank's Board of Directors and may not be a sole executive body and/or a member of the Bank's collegial executive body. The Chairman of the Audit Committee must be an independent director.		PROVISIONS of the Audit Committee
Personnel and Remuneration Committee The Chairman or other members of the Board of Directors of the Bank decide on the numerical strength of, and nominate members to the Personnel and Remuneration Committee, including the Committee chairman and deputy Chairman, subject to consent of the Board of Directors of the Bank. The Personnel and Remuneration Committee is headed by a committee Chairman. A member of the Personnel and Remuneration Committee must be a member of the Bank's Board of Directors and may not be a sole executive body and/or a member of the Bank's collegial executive body.		PROVISIONS of the Personnel and Remuneration Committee