Remuneration Practices

  • A lump‑sum payment is made to the members of the Company’s Board of Directors as compensation for their performance throughout the corporate year, which runs from the date of election to the date on which their powers are terminated.
  • The resolution on the payment of remuneration is made by the Annual General Meeting of Shareholders of the Company.

In order to foster greater engagement among Board of Directors members and a vested interest in the Company’s attainment of higher financial success, Board member remuneration is correlated with the Company’s financial performance.

The remuneration is calculated on the basis of the base part of the remuneration, which is determined depending on the volume of the Company’s revenueCalculated under RAS. for the financial year preceding the remuneration payment year.

Revenue for the Financial Year Value of the Base Part of the Remuneration
Over RUB 200 bln RUB 1,000,000
Over RUB 30 bln RUB 900,000
Over RUB 10 bln RUB 800,000
Over RUB 1 bln RUB 700,000
Over RUB 600 mln RUB 600,000
Less than RUB 600 mln No remuneration is payable

The base remuneration for Board members in the 2022–2023 corporate year was RUB 1,000,000.

The actual remuneration of a Board member is calculated by considering the following guidelines:

  • The total remuneration of a member of the Board of Directors of the Company cannot exceed the base remuneration for the corporate year .
  • Remuneration for participation in the Board meetings is determined by taking into account both the actual number of meetings attended and the amount of the basic part of remuneration.
  • The size of allowances is determined as follows:

+30% of remuneration for attending Board meetings for the Chairman of the Board of Directors

+20% of remuneration for attending Board meetings for the Chairman of a Committee under the Board of Directors

+10% of remuneration for attending Board meetings for a member of a Committee under the Board of Directors

In accordance with clause 3.7 of the Regulations on Payment of Remunerations and Compensations to the Members of the Board of Directors of the Company, the total amount of remuneration to a member of the Board of Directors of the Company cannot exceed RUB 900,000.

Compensations

The Board members’ actual expenses, such as travel costs to and from meetings of the Board of Directors and Committees, accommodation costs and other costs associated with the Company’s operations, are reimbursed according to the Regulations on Payment of Remunerations and Compensations to the Members of the Board of Directors of the Company.

The total compensation for each member will be shared later once the members of the Board of Directors have given their consent for this information to be disclosed.