Board of Directors

Formation of the Board of Directors

Members of the Board of Directors are elected by the General Meeting of Shareholders for a term until the subsequent Annual General Meeting of Shareholders. The Board of Directors must be made up of no fewer than five people.

The procedure for selecting candidates for the Board of Directors is determined by the sole shareholder, i.e., candidates are selected by a Rosimushchestvo commission. The Board of Directors includes individuals representing the interests of the Russian Federation (state-appointed directors and civil servants) and independent directors.

Independent directors are elected to the Board of Directors in the manner and in accordance with the criteria established by Decree No. 738 of the Government of the Russian Federation of 3 December 2004 on the Management of Federally Owned Shares of Joint-Stock Companies and the Use of the Russia Federation’s Special Right to Participate in the Management of Open Joint-Stock Companies (‘Golden Share’).

RVC’s Board of Directors in place as of the end of 2018 was elected at an extraordinary General Meeting of Shareholders on 9 September 2018 (Order No. 651-r of Rosimushchestvo) and included 11 people. Two of the members were independent directors, while the rest were representatives of the interests of the Russian Federation (three civil servants and six state-appointed directors).

The Chairman of the Board of Directors is elected by the members of the Board of Directors by simple majority and can be re-elected at any time.

Members of the Board of Directors do not own shares in RVC.

Board of Directors Report

In 2018, 18 meetings of the Board of Directors were held, 12 of which took place in the form of absentee voting. On average, there were four meetings per quarter, and a total of 115 issues were considered.

Agenda Number of issues
Determination of the priority lines of RVC’s business: approval of strategic documents, including investment activities, the Business Plan and budget, setting key performance indicators (KPIs) 7
Issues related to the creation of venture funds with RVC capital (in the form of investment partnerships) 9
Approval of RVC’s bylaws 10
Issues proposed for consideration by Rosimushchestvo pursuant to instructions from the President of the Russian Federation and the Government of the Russian Federation 5
Issues related to the operations of venture funds created with RVC capital 19
Issues related reporting on RVC’s operations, the fulfilment of KPIs, the work of the internal audit and risk management system, RVC’s procurement activities, etc. 6
Issues related to preparations for the General Meeting of Shareholders 14
Issues related to the implementation of projects under the road maps on the part of the National Technology Initiative approved by Decree No. 317 of the Government of the Russian Federation of 18 April 2016 15
Issues related to the implementation of tasks concerning state support for NTI centers located at institutions of higher learning and within scientific organizations 4
Issues concerning the election of the Chairman of the Board of Directors and members of Board Committees 8
Other issues 18

Key resolutions adopted in 2018

  • Bylaws governing RVC’s investment activities (the Regulation on RVC’s Investment Activities and the Regulation on the Procedure for Selecting Management Companies to Manage RVC Funds (revision 2)).
  • Resolutions concerning the operations of funds created with RVC capital and also concerning the creation of four new funds (in the form of an investment partnership).
  • Resolutions aimed at achieving the objectives related to state support for the NTI centers located at institutions of higher learning and within academic organizations.
  • Resolutions to implement and finance NTI projects in accordance with NTI road maps.

Board of Directors

The composition of RVC’s Board of Directors since 19 September 2018 (elected in accordance with Rosimushchestvo Order No. 651-r of 19 September 2018):

Alexander Auzan
Dean of the Faculty of Economics at Lomonosov Moscow State University, Doctor of Science (Economics), independent director
Sergey Gorkov
Deputy Minister of Economic Development of the Russian Federation; Position as of the end of 2018
Vasily Osmakov
Deputy Minister of Industry and Trade of the Russian Federation
Alexander Galitsky
Managing Partner of the Almaz Capital Partners venture capital fund
Igor Drozdov
Chairman of the Skolkovo Foundation’s Management Board
Dmitry Peskov
Special Representative of the President of the Russian Federation on Digital and Technological Development
Alexander Povalko
CEO of RVC
Evgeny Stolyarov
Head of Rosimushchestvo’s Department of Property Affairs and the Privatization of Major Organizations
Yuri Udaltsov
Deputy Chairman of the Management Board, Rusnano MC LLC
Sergey Polyakov
CEO of the Foundation for Assistance to Small Innovative Enterprises
Oleg Fomichev
Director for Strategic Planning and Development at Renova-Holding Rus LLC

The functions of the Chairman of RVC’s Board of Directors are performed by Oleg Fomichev, Director for Strategic Planning and Development at Renova Holding Rus LLC.

The composition of RVC’s Board of Directors in the first half of 2018 (from 31 January 2018 to 19 September 2018) consisted of nine people. At an extraordinary General Meeting of Shareholders held on 19 September 2018, Sergey Gorkov, Deputy Minister of Economic Development of the Russian Federation, and Evgeny Stolyarov, Head of Rosimushchestvo’s Department of Property Affairs and the Privatization of Major Organizations, were also elected to the Board of Directors.

Board of Directors Committees

Strategic Planning Committee

The Strategic Planning Committee assists the Board of the Directors in preparing resolutions on the Company’s strategic goals and priority lines of business, as well as preparing RVC’s development strategy and annual Business Plans. The Committee also advises the Board of Directors on the adoption of resolutions on RVC’s strategic development and on its assessment of RVC’s performance in the long term.

Composition of the Strategic Planning Committee

Composition of the Committee as of the end of 2018 (elected by decision of RVC’s Board of Directors of 23 October 2018, minutes No. 14)

Chairman of the Committee

Oleg Fomichev, Director for Strategic Planning and Development at Renova-Holding Rus LLC

Members of the Committee
  • Alexander Auzan, Dean of the Faculty of Economics at Lomonosov Moscow State University, Doctor of Science (Economics), professor, member of RVC’s Board of Directors, independent director
  • Alexey Basov, Deputy CEO, Investment Director at RVC, member of RVC’s Management Board
  • Alexander Galitsky, Managing Partner at the Almaz Capital Partners venture capital fund
  • Pavel Gudkov, Deputy CEO of the Foundation for Assistance to Small Innovative Enterprises
  • Andrey Ivashchenko, Chairman of the Board of Directors at ChemRar High-Tech Center
  • Ekaterina Inozemtseva, Vice President for Strategy and Investments at the Skolkovo Foundation
  • Evgeny Kovnir, CEO of Digital Economy
  • Alexander Lupachev, Director of Russia Partners
  • Dmitry Peskov, Special Representative of the President of the Russian Federation on Digital and Technological Development
  • Oleg Teplov, CEO of VEB Innovations
  • Oleg Khorokhordin, Deputy Head of the Administrative Service of the Deputy Prime Minister of the Russian Federation
  • Artem Shadrin, Director of the Strategic Development and Innovation Department at the Ministry of Economic Development of the Russian Federation

Activities of the Strategic Planning Committee in 2018

The Strategic Planning Committee held two in-person meetings in 2018, as well as one meeting in the form of a conference.

During the year, the Committee considered the following issues:
  • RVC’s Business Plan and budget for 2018 and for the 2019‒2020 planning period;
  • RVC’s key performance indicators for 2018;
  • issues related to the operations of the NTI Project Office;
  • and other issues.

Personnel and Compensation of Committee

Composition of personnel Personnel and Compensation Committee assists the Board of Directors with the development of systems for staff incentivization (including for members of the Management Board) and bylaws describing the bonus system, as well as recommendations for amending the system.

Composition of the Committee

Composition of the Committee as of the end of 2018 (elected by decision of RVC’s Board of Directors of 23 October 2018, minutes No. 14)

Chairman of the Committee

Alexander Auzan, Dean of the Faculty of Economics at Lomonosov Moscow State University, Doctor of Science (Economics), professor, independent director

Members of the Committee
  • Igor Drozdov, Chairman of the Skolkovo Foundation’s Management Board, member of RVC’s Board of Directors
  • Alexander Lupachev, Director of Russia Partners
  • Anton Storozhenko, Partner at Spencer Stuart

Activities of the Personnel and Compensation Committee in 2018

In 2018, the Personnel and Compensation Committee held two meetings: one in-person meeting and one in the form of absentee voting.

The following issues were considered at the meetings:
  • the remuneration system for RVC’s Board of Directors;
  • the bonus system for RVC employees.

Composition of the Audit and Integrity Committee

Composition of the Committee as of the end of 2018 (elected by decision of RVC’s Board of Directors of 23 October 2018, minutes No. 14)

Chairman of the Committee

Yuri Udaltsov, Deputy Chairman of the Management Board, Rusnano MC LLC, member of RVC’s Board of Directors

Members of the Committee
  • Sergey Borisov, Chairman of the Board of Trustees of OPORA RUSSIA
  • Sergey Polyakov, CEO of the Foundation for Assistance to Small Innovative Enterprises, member of RVC’s Board of Directors

Activities of the Audit and Integrity Committee in 2018

In 2018, the Audit and Integrity Committee held three meetings in the form of absentee voting.

During the year, the Committee considered the following issues:
  • the results of the implementation of the Business Plan (key performance indicators and budget implementation) in 2017;
  • information on the functioning of the internal audit, internal control and risk analysis systems;
  • the results of the Audit Commission’s audit for 2017 and information on planned measures to implement the Audit Commission’s recommendations;
  • bylaws governing the work of RVC’s risk management systems;
  • and other issues.

Information about the current composition of the Board of Directors and its members’ CVs are available at: https://www.rvc.ru/en/about/governance/directors/