AFK Sistema president Leonid Melamed has become a minority holder of the company shares for the first time in years of work for the firm. He now owns 0.0009%. Nine other members of the board of directors have received similar remunerations. Since the beginning of this year AFK has given its board $1.1+m worth of bonuses. Last year the board reportedly received $1.2+m.
According to a company source, the firm doles out bonuses on a regular basis. These are one-off payments “for special merits.” Last time it happened in July 2009; the board reportedly received $1.2+m. This year bonuses are expected to top $1.1m.
Each of the board members has received an approximate 0.0009% of company stock, the firm reports. AFK president Leonid Melamed has become a minority holder of the company shares for the first time in years of work for the firm, and so have such board members as founder of Indian telecom firm Shyam Group Rajiv Mehrotra and ex-President of Armenia Robert Kocharyan. Chairman Vladimir Evtushenkov has had his stake in Sistema increased from 64.1812 to 64.1821%. Evgeny Novitsky, an independent director, now has 1.9938%, member Alexander Goncharuk owns 1.89%, whereas other board members put together now have less than 1%, with Dmitry Zubov owning 0.8797%, Vyacheskav Kopyev 0.0540%, Ron Zommer 0.0042%, and Sergei Cheremin 0.0026%.
Aslan Tsarikaev from Antal Russia headhunters’ FMCG Sales department believes AFK’s one-off bonus stays within corporate norm. “In the West, board members normally receive compensations on a regular basis. Bonuses is more of Russia’s peculiar features,” Mr. Tsarikaev said.
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