The Board of Directors (BoD) is responsible for the overall management of the Bank’s operations within the scope of the authority granted to the Board by the law and by the Charter (for further details, please see the Bank charter in Armenian).
The members of the Board of Directors are 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 without election, 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.
Armeriabank fully recognizes the benefits of diversity in the Board, and the current members of the Board enjoy the wide range of skills and experience required to govern the Bank. Geographic diversity together with key professional expertise in banking, asset management, advisory, finance and international business form the core components of the Board succession planning.