6.5. Commissions and Committees
Committees of the Supervisory Board
- Nomination and Remuneration Committee
The Nomination and Remuneration Committee is intended to foster high quality and timely decisions in the area of nomination and remuneration. The key goal of the Committee is to ensure efficient operation of the Supervisory Board of NCC when addressing any matters required for conformity of the labor remuneration system to the nature and scale of the Company’s operations, its performance, level and combination of assumed risks. The Committee drafts proposals on nominations and remuneration of the members of the Supervisory Board and executive bodies of NCC.
The main objective of the Committee is to contribute to improvement of the Company’s risk management framework, as a clearing organization and a central counterparty, in order to increase the Company’s financial sustainability and ensure continuity of its clearing activities. In compliance with the Laws, the Committee’s members are representatives of clearing members (two thirds), independent members of NСС’s Supervisory Board, and representatives of the clearing members’ clients.
The key objective of the Committee’s activity is assistance to the Supervisory Board in effective implementation of control functions of financial and economic activities, control and analysis of the risk and capital management framework effectiveness, compliance; in ensuring of objectivity in the area of internal and external audit and solution of other related objectives of NCC. The members of the Audit Committee are the Supervisory Board members, who are independent directors.
Commissions and Committees of NCC
- Risk Management Commission
The Commission is a collective consultative advisory body under NCC Executive Board, which reports to the Executive Board and considers risk management issues. The Commission is established to draft recommendations in the risk management, while NCC carries out the activities of a central counterparty, Treasury, and commodity supply operator.
- Asset Management Commission
The Commission is a collective consultative advisory body of NCC, which reports to NCC Executive Board. The Commission participates in the organization and improvement of the asset creation and management policy pursuant to the resolutions of NCC’s management bodies.
The committee is a collective consultative advisory body of NCC, which reports to NCC Executive Board. The committee was established to improve the mechanism to control and manage changes in the application systems and IT infrastructure of NCC.
The committee is a collective consultative advisory body of NCC, which reports to NCC Executive Board. The committee presents recommendations on selection of a counterparty for intended purchase (performance of works, rendering of services, delivery of commodities, transfer of property rights or results of intellectual activity) and on approval of the optimal decision on such purchase.
The standing commission is engaged in organizing and carrying out methodical work to evaluate NCC’s documents, to select and prepare thereof for transfer to permanent archive storage.
