4 Jul 2013 10:33

UC Rusal adopts one-off employee incentive plan

MOSCOW. July 4 (Interfax) - Directors at UC Rusal on June 14 adopted a one-off employee incentive plan, the aluminum giant said in a statement.

New shares will not be issued for the plan. The maximum number of shares to be purchased by the trustee and kept in the trust for the purpose of the plan may not exceed 0.05% of the total number of shares in issue as at the date of the award. The company currently intends to finance the Plan by applying the internal funding which is available after the CEO voluntarily declined his bonus for the year 2012.

Rusal was established in 2007 after the merger of Rusal, Sual and Glencore's alumina assets. Its biggest shareholder is Oleg Deripaska, the CEO, who controls 48.13% of the company through En+. Mikhail Prokhorov's Onexim Group holds 17% of Rusal's shares, Sual Partners has 15.8% and Glencore owns 8.75%. The free float is about 10%.