The Chairman of the Management Board

The Chairman of the Management Board – appointed by the Supervisory Board from among the board members – is a non-executive director. In fact, he has no operating powers and the current organisational structure of the Bank separates his/her duties from those of the Managing Director.
The Chairman - the Bank’s legal representative – is in charge of promoting and coordinating the activity of the Management Board and is furthermore called upon to manage relations among Board Members and of the Board with the Supervisory Board and its Chairman, ensuring efficient coordination of the activities of the two corporate bodies.
In general, the Chairman exercises all powers appropriate to his/her office, and based on provisions of the Articles of Association and Management Board Regulations, fulfils duties with specific regard to:

a) the Corporate Bodies and their operations;
b) the Bank’s strategies and general guidelines;
c) external relations and corporate information;
d) legal representation and relations with Supervisory Authorities.

In urgent cases, in agreement with the Managing Director, the Chairman has the power to make decisions within certain limits and in accordance with the terms of art. 18 of the Articles of Association. The Management Board must be informed of such decisions at the following meeting.