Under the agreement, the new controlling shareholder (the government, as represented by the Ministry of Finance) nominated to the Supervisory Board of Sberbank not more than 4 candidates, including 1 employee of the Bank of Russia. Now the Supervisory Board consists of 14 people.

the agreement contains a closed list of issues on which the government can issue directives to state employees and professional attorneys elected to the Supervisory Board of the Bank. It matters about the approval of the agenda of the General meeting of shareholders election of the Chairman of the Supervisory Board, the election of the President – Chairman of the management Board and early termination of its powers, recommendations on dividends and payment procedure and approval of the dividend policy, according to the Bank of Russia.

the agreement Also establishes a target level of dividend payouts – at least 50% of the distributable net profit of the Group of Sberbank of Russia in accordance with IFRS subject to the limitations set dividend policy of the Bank.

to Conclude the agreement requires a special law on the sale of control of the savings Bank to the government, it is intended to protect the rights of minority shareholders (which was not presented the offer to purchase shares). The Ministry of Finance in April acquired the Bank of Russia has 50% + 1 share of Sberbank in 2,139 trillion rubles. The main profit from the transaction received by the Bank of Russia, should they be listed in the Federal budget this year, as announced by the Minister of Finance Anton Siluanov in interview to “Vedomosti”, the budget will receive from the transaction 1.07 trillion rubles.

the Agreement will run for three years until 30 April 2023.