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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 established for the Board of Directors members:

  • remuneration for acting in the capacity of a member of the Board of Directors (paid to each member of the Board of Directors);

  • remuneration for acting in the capacity of the Chairman of the Board of Directors;

  • remuneration for acting in the capacity of the Chairman of a Committee of the Board of Directors;

  • remuneration for acting in the capacity of a BOD Commettee 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 2018, the remuneration for acting in the capacity of a member of the Board of Directors was established at 6,750,000 rubles.

The remuneration for acting in the capacity of a member of the Board of Directors in the preceding years amounted to:

for directors elected in 2017 - 6,500,000 rubles,

for directors elected in 2016 - 6,000,000 rubles,

for directors elected in 2014 and 2015 – 5,200,000 rubles.

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 21, 2018, please refer to the meeting materials.

The total amount of remuneration* paid to all members of the Board of Directors was 262.1 million rubles in 2017, 192.4 million rubles in 2016, 203.7 million rubles in 2015.

* 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, and also payments added to the position salary in keeping with the position salary indexation rate.

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

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

The total amount of remuneration** paid to all members of the Management Committee was 1,738.8 million rubles in 2017, 1,636.3 million rubles in 2016, and 1,422.9 million rubles in 2015.

** Including the remuneration of the President of PJSC LUKOIL.

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