Powers of the Management Board

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The scope of powers of the Management Board is defined by the provisions of applicable laws, including the Commercial Companies Code, Banking Act and the Bank's Statute.

The Management Board runs the Bank's affairs and represents the Bank. The Management Board's powers include all matters which, pursuant to the provisions of applicable laws or the Bank's Statute, do not fall within the scope of competence of other governing bodies of the Bank.

The Management Board prepares the development strategy for the Bank and is responsible for the implementation of that strategy. Pursuing the principle of efficient and prudent management of the Bank, the Management Board is responsible for initiation and implementation of programmes aimed at increasing the Bank's value and rate of return for the shareholders, as well as protection of the employees' long-term interests.

In its decisions, the Bank's Management Board makes every effort to ensure, to the maximum extent possible, the promotion of the interests of the shareholders, customers, employees, as well as other entities and persons cooperating with the Bank in its business activity.