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Remuneration of Directors and Management Committee Members

The amount of remuneration paid to the members of the Board of Directors of PJSC “LUKOIL” is determined by a resolution of the Company’s General Shareholders Meeting.

The Company has the following types of fixed remuneration for the Board of Directors members:

  • remuneration for performance of duties of a member of the Board of Directors (paid to each member of the Board of Directors);

  • remuneration for performance of functions of the Chairman of the Board of Directors;

  • remuneration for performance of functions of the Chairman of a Committee of the Board of Directors;

  • remuneration for performance of functions of a BOD Committee member;

  • remuneration for "in praesentia" attendance of a meetings of the Board of Directors or a BOD Committee requiring a transcontinental flight;

  • remuneration for participation in conferences and other events by a member of the Board of Directors as instructed by the Chairman of the Board of Directors in writing.

For Directors elected in 2019, the remuneration for performance of duties of a member of the Board of Directors was established at 7,000,000 rubles.

Remuneration for performance of duties of a member of the Board of Directors


201620172018
Remuneration for performance of duties of a member of the Board of Directors, RUB
6,000,000
6,500,000
6,750,000


For the amounts of other types of remuneration paid to the members of the Board of Directors as approved by a resolution of the General Shareholders Meeting of June 20, 2019, please refer to the meeting materials.

Payments to members of the Board of Directors


201620172018
Total amount paid to members of the Board of Directors, RUB million *
192.4
262.1
816.8

* This amount includes, among others, payments to Directors who are employed by the Company but are not members of the Management Committee (such as salary, bonuses and other types of remuneration).

Remuneration of members of the Management Committee, in accordance with the general system of remuneration the Company uses for its top managers, consists of a fixed component and a variable part.

The fixed component, comprising the position salary, may also include additional payments for the performance of duties of other temporarily absent key executives.

The variable part, comprising annual bonus payments, may also include one-time bonuses or other payments and target bonus payments.

Each member of the Management Committee is paid remuneration for participation in the Management Committee in accordance with the agreement signed with the member (equals to the member’s monthly official salary at the primary place of employment depending on the achievement of corporate-wide performance indicators during the reporting period).

Members of the Management Committee are also involved in long-term incentive schemes applied by the Company.

Payments to the Management Committee


201620172018
Total amount paid to members of the Management Committee, RUB million **
1,636.3
1,738.8
5,502.4***

**  Including the remuneration of the President of PJSC LUKOIL

*** With due regard for execution of the Regulations on Long-Term Incentives for Employees of PJSC LUKOIL and its Subsidiaries in 2013-2017

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