Board of Directors

Board of Directors 

The Board of Directors (BoD) is responsible for the overall management of the Bank’s operations within the scope of authorities granted to the Board by the law and the Charter (for further details, please see the Bank charter in Armenian). 
The Board of Directors is appointed by the General Meeting of Shareholders. Those shareholders who own up to 10 and more percent of the placed shares of the Bank may be appointed or represented on the Board, subject to the procedure and terms defined by the Armenian law and the Charter. Independent Directors may also serve on the Board.
The term of office of the BoD members is determined by the General Meeting of Shareholders but is limited to a period from 5 to 10 years. The Chairman and members of the Board can be reelected.
Resolutions of the Board of Directors are passed by simple majority of Directors present unless otherwise required by the Armenian laws or the Charter. Such resolutions have legal effect if all the requirements of Armenian legislation, the Charter, internal regulations of the Bank and the Shareholders Agreement have been met.