The Board of Directors of TCS Group (holder of 100% of Tinkoff Bank shares) received the right to launch a buyback of the company’s shares. The minimum number of members of the board of directors for decision-making has been reduced to two people, it follows from (.pdf) company announcements following the results of the general meeting of shareholders.
“The Board of Directors has been granted the right to repurchase ordinary shares or interests in ordinary shares, including global depositary receipts, up to the maximum (10% of the subscribed capital) permitted by the laws of Cyprus,” the press release said.
Following the meeting, it was also announced that Daniel Wolf, ex-head of Mastercard in Russia Alexey Malinovsky and Tatyana Kuznetsova were re-elected to the board of directors. The resolution on the re-election of Dmitry Trembovolsky to the council was also withdrawn. In addition, remuneration for members of the board of directors for 2023 was established in the amount of $1.6 million.
The fact that TCS Group shareholders plan to discuss the possibility of a share buyback by the board of directors, became known October 13. November 7, Chairman of the Board of Directors of the company Konstantinos Economides left your position. November 10 at TCS Group reported about plans to change jurisdiction – the company is now based in Cyprus. November 13 Board of Directors of TCS Group headed Alexey Malinovsky.