Results of BoD Meeting
A meeting of OAO LUKOIL Board of Directors was held in Moscow today to approve the Regulations on long-term incentives for employees of OAO LUKOIL and its subsidiaries.
The Regulations have been formulated as the contract term of the Employee Restricted Share Plan for the employees of OAO LUKOIL and its subsidiaries expires on 31 December 2006. The Regulations are aimed at maintaining continuous and stable incentives for the employees and ensuring their interest in the growth of the Company’s capitalization in next three-year period (2007-2009).
The Regulations extend to the executives of the Company, heads of subsidiaries, and certain employees by decision of the Board of Directors of the Company.