22 Apr 2019 13:12

Transneft directors could get 1 mln rubles remuneration, up to 6.3 mln rubles in bonuses

MOSCOW. April 22 (Interfax) - Non-executive directors at Transneft could each receive remuneration of 1 million rubles and bonuses reaching 6.3 million rubles.

The Russian oil pipeline operator said its board had approved the preliminary annual financial accounts and a report on financial results.

Based on key performance indicators for 2018, the board issued recommendation for shareholders to vote at their annual meeting on remuneration for each director who is not subject to restrictions or bans on receiving remuneration from commercial organizations. Basic or guaranteed remuneration is 1.127 million rubles, up from 1.08 million rubles the previous year, and variable remuneration or bonus is 6.26 million rubles, up from 5.646 million rubles, with increments of 50% for the board chairman and 20% for chairing special board committees and 10% for membership of committees, for each committee.

The board of nine Transneft directors includes Russian Energy Minister Alexander Novak; Valery Shantsev, the former governor of Nizhny Novgorod region; Russian Direct Investment Fund (RDIF) chief Kirill Dmitriev; former Bashneft head Alexander Korsik; the president of the Union of Oil and Gas Producers of Russia, Gennady Shmal; Transneft chief Nikolai Tokarev; Nord Stream 2 AG managing director Matthias Warnig; Sovcomflot board chairman Ilya Klebanov; and Maxim Sokolov, CEO of LSR group and a former Russian transport minister.