Chairman: Andrew Baxter, Member of the Executive Board, Chief Financial Officer
The Planning and Budgeting Committee is a collective managing body established by a resolution of the Bank’s Executive Board and accountable to the Board. The principle function of the Planning and Budgeting Committee is managing the budgeting process.
The functions of the Planning and Budgeting Committee are:
- To approve basic principles of accounting and processing of budget information;
- To ensure proper fulfillment of KPIs given to the business;
- To organize and coordinate the budgeting process;
- To organize the in-house cost accounting;
- To approve the policy and methodology of budget planning;
- To approve preliminarily budgets of the organizational subdivisions prior to submitting the same to the Bank Executive Board for consideration, and to monitor the compliance thereof according to the Bank’s specific policy lines;
- To approve the procedures for recognizing non-planned earnings and costs as a result of the organizational subdivisions;
- To determine the validity of deviations of the reporting data from the planned ones, initiate introduction of operational changes in the budgeting process;
- To approve proposals on changes in the budget documentation contents;
- To coordinate preliminarily budgets of the Bank’s major projects containing the principles and algorithms of project implementation results redistribution among the budget process participants; to control execution of plans and budgets;
- To approve the list and determine the principles of Profit/Cost Centers activities.
The Planning and Budgeting Committee is headed by the Chairman appointed to this office by the Executive Board of the Bank. The Chairman holds his office until appointment of a new candidate. The numerical and personal membership of the Planning and Budgetting Committee, including the candidature of Deputy Chairman of the Committee is approved by an Order of the Chairman of the Executive Board of the Bank upon presentation by the Chairman of the Committee.
The Committee members hold their office until a resolution on approval of the new membership of the Committee is passed. The Planning and Budgeting Committee has the authority to pass resolutions on matters submitted for consideration to it, if at the meeting of the Committee there is present 2/3 of its members or more. Resolutions of the Planning and Budgeting Committee are passed by a 2/3 vote with a majority of the Committee members with the right to vote being present.
