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Metallurgists of Russia overtook oil and gas workers in terms of income of top managers

Russia / Business and Finance

Semyon Slepakov should think about a new song: the income of the directors of the largest Russian metallurgical companies exceeded several times the remuneration paid in Gazprom.

Metallurgists of Russia overtook oil and gas workers in terms of income of top managers

The largest annual remuneration in Russia is received by the chairmen of the boards of directors of public joint-stock companies UC Rusal, Norilsk Nickel and Rosneft. At the same time, Rosneft's income is half that of Norilsk Nickel and three times lower than that of Rusal. Forbes writes about this with reference to the data of the annual review of the practice of Russian boards of directors, prepared by the consulting company Korn Ferry.

The document says that the basic remuneration of the Chairman of the Board of Directors of UC Rusal Bernard Zonneveld in 2020 amounted to 123.7 million rubles, the Chairman of the Board of Directors of Norilsk Nickel Penny Gareth - 72.7 million rubles, the Chairman of the Board of Directors of Rosneft Gerhard Schroeder - 43.6 million rubles.

“The highest level of remuneration is in the most profitable industries, metallurgy and the oil industry. And if UC Rusal is the leader in terms of remuneration for the chairman of the board of directors, then Rosneft is the leader in terms of this indicator for an ordinary member of the board of directors, which paid 36 million rubles to each director of the board in 2020,” the review notes.

In its research, Korn Ferry studied not only the remuneration market for board members, but also their composition. So, according to experts, the minimum number of board of directors was five people (Petropavlovsk), the maximum - 15 (Alrosa, Globaltrans, Transneft). The Russian average is very close to the US average of 10.8 people. The average age of all directors is 55.2 years, and the average tenure in a current position on the board is 4.6 years. At the same time, in general, the average term on the board (not only in the current position) was 5.5 years.

In 2020, the share of foreign citizens on the boards of directors of the companies in question was 30%. Foreigners are present in 33 companies out of 40. The representation of women in Russian boards of directors remains quite low (13%) compared to international practice, Korn Ferry notes. For comparison, in the UK (FTSE350) the proportion of women on boards of directors is 34.3%, in the US (S&P 500) - 30%.

The study used a sample of 40 companies included on October 1, 2021 in the quotation list of the first (highest) level of the Moscow Exchange. When calculating the members and chairmen of the committees, the company PJSC “Surgutneftegas” was not taken into account, since no data on the composition of the committees was found in open sources. In preparing the study, only data from open sources of information was used.

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