17 May 2010 17:21

Gazprom ups salaries for top managers in crisis year

MOSCOW. May 17 (Interfax) - The financial crisis and some of Gazprom's worst operating results to date did not stop the Russian gas monopoly from giving its executives their traditional 25% pay increase last year.

Gazprom said in a report that executives received 1.044 billion rubles in 2009, up from 834 million rubles in 2008.

The executive board has 17 members, who received more than 5 million rubles each per month on average.

This amount is included in salaries, premiums, commissions, benefits and compensations, as well as other property holdings paid by Gazprom through the year. Each of the concern's top-managers also largely sit on the board of directors at the concern's subsidiaries while several members of Gazprom's managing committee have also been elected to the company's board of directors. They receive separate bonuses for this work.

Therefore, Gazprom maintained the rate of growth in payments to its top-managers posted in 2008 and 2007. In 2006, the salaries for Gazprom's top-managers increased by 40%.

Gazprom's production decreased by 19% while exports went down by 11%.

The minimal tariff rate for employees at Gazprom's parent company increased by around 12.5% in 2009.