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State-Run Companies Agree to Disclose Salaries
25.12.2013 17:34
State-Run Companies Agree to Disclose Salaries
Photo Credit: http://porebrik.nnm.me

State corporations and state-run companies would disclose the pay of their staff in a move to improve transparency and curb corruption after a deal with the government and the trade unions.

      According to the online news outlet Lenta.ru, the news was broken by the Russian prime minister.

      The agreement was inked on December 25, 2013 reflecting a growing desire on the part of the Kremlin to rein in the expenses in state-controlled companies.

      One of the earlier steps includes a cap on bonuses for top managers limiting golden parachutes to a total of six months’ salaries.

      In November 2013, the Russian edition of Forbes published a list of the highest-paid executives. Topping the ranking was Rosneft CEO Igor Sechin, following by VTB President Andrey Kostin and Gazprom CEO Alexey Miller.

      State corporations are major companies set up to consolidate assets in a particular industry, like Rosatom, which is the umbrella agency for all nuclear power companies, or Rusnano, a development fund which is supposed to promote innovations to cut the nation’s dependency on oil.

      Rosneft has become the world's leading publicly traded oil producer after it took over BP's Russian venture TNK-BP for $55 billion in March 2013. Rosneft has a vast and high-quality reserve base, with total proved hydrocarbon reserves of 22.8 billion barrels of oil equivalent.

      VTB Bank is Russia’s second largest lender by assets. Classified as blue chips, VTB shares are among the most liquid on the Russian stock market. The Russian government owns 60.9 percent of VTB Bank’s equity.

      Gazprom holds the world’s largest natural gas reserves and was once the third largest company in the world in terms of market value, but its capitalization has since dropped from $360 billion to less than $100 billion.

       




Author: Mikhail Vesely

Tags: Rosneft Gazprom VTB Russian companies  

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