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The Most Generous Russian Companies
May 20, 2019 17:17


(Source: https://answr.pro/wp-content/uploads/2019/02/tinkof.jpg)

Forbes has compiled a list of the most generous Russian companies that value their top managers more than others in monetary terms.

 
In 2015, eight employees of Tinkoff Bank received BMW 5 Series cars as a gift. Doing this Oleg Tinkov (47th place),   thanked the members of his team who had worked with him for almost nine years since the founding of the bank.
 
The billionaire’s generous gesture is an exception against the background of the largest Russian companies that prefer to reward their managers with more traditional methods - money and shares. Forbes decided to find out in which companies the managers were paid the most generous rewards. They analyzed the annual reports of the 100 largest companies by capitalization (according to the results of 2018), and  chose 25 of them, where the key executives received the largest amounts.
 
Calculations took into account salary and short-term remuneration - bonuses and bonuses for the year-end work. They did not take into account payments for long-term bonus programs, which in most cases are calculated based on the level of the company's capitalization. Also, payments did not include income received by top management from owning shares of companies.

Read More Articles about Russian Business
 
The last year leader was MMC Norilsk Nickel that spent   a total of 6.8 billion rubles on the payment of bonuses to their management personnel. Second and third places were taken  by Sberbank and Gazprom, where payments to management amounted to 4.4 billion rubles and 4.3 billion rubles, respectively.

The most unexpected participant in the rating is 
Mostotrest (N 41) owned by Arkady Rotenberg,  where management's remuneration amounted to 2.5 billion rubles. The company did not respond to a request from Forbes to comment on the structure of payments and the number of managers who received them. However, according to the quarterly reporting of Mostotrest, payments to the company's board of directors for the last year amounted to 91.9 million rubles.
 

There can be two explanations for this difference. First, IFRS statements, which reflect the figure of 2.5 billion rubles, take into account payments received by the management of subsidiaries and affiliates. Secondly, some companies in the rating list not only the board of directors and the management board as key management personnel - these are usually a few dozen people, but also top managers of a lower level. For example, Aeroflot pays remuneration to the management of flight and ground personnel, and VTB Bank to heads of global business lines. 
 
A total of 25 companies in the rating spent on payments to their management 54.5 billion rubles. The companies of the oil and gas sector turned out to be the most generous, there are six of them in the rating, and they paid   17.3 billion rubles. In the second place there are three banks with an aggregate remuneration of 9.6 billion rubles, and in the third place - three metallurgical companies with 9.4 billion rubles.


 



Author: Anna Dorozhkina

Tags: Russian business Russian companies Russian economy   

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