Rosneft board members' bonuses increased by 100%

Rosneft board members' bonuses increased by 100%
For the first quarter of 2017 the board members received about 1.454 billion rubles ($25.6m)

During the three months of 2017, the members of the management board of the state corporation received about one and a half billion rubles.⁠

The size of the quarterly premium to ten members of the Rosneft board increased 100% compared to a similar payment for the same period last year. Thus, the premium for January-March 2017 amounted to 1.5 billion rubles ($25.6m). This is reported by Vedomosti.

According to the data published on the website of the state corporation, for the first quarter of 2017 the board members received about 1.454 billion rubles ($25.6m). For comparison, in January-March 2016 they received 14.663 million rubles ($249.900). The report indicates that such significant payments were made "for the successful implementation of large, strategically significant projects, as well as in connection with the receiving of the Russian Federation state awards." In addition, according to an employee of Rosneft, the award included funds for the sale of 50.08% stake in Bashneft. According to the representative of the company, this deal took place in a short time and in a highly competitive environment.

At the moment, the board of Rosneft includes its head Igor Sechin, vice-president for personnel and social affairs Yuri Kalinin, first vice president Erik Maurice Liron, vice-president and head of the Internal Audit Service Gennady Bukaev, Didier Kasimiro, the vice president for refining, petrochemicals, commerce and logistics, financial director Petr Lazarev, vice president for internal services Yuri Narushevich, vice president for offshore projects Zeljko Runje, vice president Yuri Kurilin and vice president for energy, localization and innovation Andrey Shishkin.

In March of this year, it became known that the Russian President awarded 12 managers of Rosneft with medals and orders for "a great contribution to the development of the country's economy." In addition, foreign company executives, who participated in the sale of the Rosneft state stake were also awarded - head of the Italian banking group Intesa Sanpaolo Carlo Messina, executive director of the Qatar Investment Autority, the royal family of Qatar member Abdullah bin al-Thani and general director of the Swiss commodity trader Glencore International Ivan Glazenberg. The Head of the country personally thanked them for the successful implementation of the largest transaction in the oil and gas sector in 2016.

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