Board of Directors

Our Board of Directors is composed of individuals with diverse professional backgrounds and expertise. They are responsible for the general management of the IIB-DG’s operations and accountable for the overall governance and performance of IIB Development Group.

The Board of Directors is responsible for the general conduct of the business of IIB-DG and exercises the powers delegated to it by the shareholders of IIB-DG. IIB-DG’s executive body is the Management Board, whose members are appointed by the Shareholders.

The President and Executive Vice Presidents make up the Boards of Directors of the IIB. They normally meet at least once a week to oversee the IIB’s business, including approval of loans and guarantees, new policies, the administrative budget, country assistance strategies, and borrowing and financial decisions.

1. IIB`s board of directors is in charge of strategic management of IIB, determines major principles, and approaches to the creation of a risk management and internal control system within IIB, and monitors the activities of IIB’s executive bodies.

1.1. IIB`s board of directors is responsible for decisions to appoint and remove members of executive bodies, including in connection with their failure to properly perform their duties. The board of directors procures that IIB’s executive bodies act in accordance with an approved development strategy and main business goals of IIB.

1.2. The board of directors establishes basic long-term targets of IIB’s activity, evaluats and approves its key performance indicators and principal business goals, as well as evaluates and approves its strategy and business plans in respect of its principal areas of operations.

1.3. IIB`s board of directors determines IIB’s policy on remuneration to and/or reimbursement of costs incurred by its board members, members of its executive bodies, and other key managers.

1.4. IIB Board examines and approves the company’s strategic, operational and financial plans and the corporate structure of IIB-DG.

2. The board of directors is accountable to IIB-DG’s shareholders.

2.1. Information about the board of directors’ work is to be disclosed and provided to the shareholders.

2.2. The President of the board of directors must be available to communicate with the IIB’s shareholders.

2.3. Directors guide and are involved in the fundamental decisions of the corporation on behalf of the shareholders.

3. IIB board of directors procures evaluation of the quality of its work and that of its committees and board members.

3.1. Evaluation of the quality of the board of directors’ work should be aimed at determining how efficiently the board of directors, its committees, and board members work and whether their work meets the IIB’s needs, as well as at making their work more intensive and identifying areas of improvement.

3.2. The quality of work of the board of directors, its committees, and board members should be evaluated regularly, at least once a year. To carry out an independent evaluation of the quality of the board of directors’ work, it is recommended to retain a third-party entity (consultant) regularly, at least once every three years.

3.3. The board monitors the performance of IIB-DG `s management and operations and sets broad policies and objectives for IIB-DG.

IIB `s board of directors is responsible and accountable for the overall governance and performance of IIB-DG. IIB Board is the primary governing body of IIB and is responsible for the overall activities of the organization. The Board makes and implements major organizational decisions. The Board of Directors is charged with ensuring that IIB is properly run and managed under the provisions of IIB`s Statute and the general directives laid down by the Board.

The Board of Directors is responsible for taking decisions for granting finance, particularly in the form of loans and guarantees, raising loans, fixing interest rates on loans granted, as well as commission and other charges. The board evaluates the general performance of the IIB, paying particular attention to the information received from the executive committee (when established) and the managing directors, and periodically comparing the results achieved with those planned.

The Board of Directors is responsible for the general conduct of the business of IIB-DG and exercises the powers delegated to it by the shareholders of IIB-DG. The IIB President chairs meetings of the Boards of Directors and is responsible for the overall management of the IIB.