Rosneft could use over 70,000 shares to compensate independent directors
MOSCOW. May 20 (Interfax) - Rosneft could use over 70,000 shares to remunerate its three independent board members for 2009.
A source at the oil company told Interfax that the independent directors could receive $200,000 worth of stock each.
The number of shares will depend on the value of the shares on the date preceding the board's decision
The board recommended compensating the independent board members on April 24. Rosneft's shares traded at $8.29 on the LSE and at $8.1 on the RTS on April 23. VTB chief Andrei Kostin, Vice President of the Russian Academy of Sciences Alexander Nekipelov, and Barclays Capital head Hans-Joerg Rudloff could receive 72,376 shares or 74,074 shares between them or 24,125 shares and 24,691 shares each on that basis.
Rosneft's press office is not commenting on the information.
Rosneft paid independent directors in stock for 2008 also, and not in cash, as was done in prior years. The three received 33,614 Rosneft shares apiece. Kostin and Nekipelov each became 0.0003% Rosneft shareholders and Rudloff's stake rose to 733,614 shares, or 0.0069% of share capital.
For their work in 2007, Kostin and Rudloff each received $200,000 and Nekipelov was paid $185,000.