Remuneration of the Management
The complex incentive system in force ensures that managers is interested in the results of their work and in achieving the Company’s strategic goals.
THE INCENTIVE SYSTEM INCLUDES THE FOLLOWING:
- Monetary Remuneration
- Social Package
- Non-financial Incentives
The remuneration to top managers depends on the Company’s performances and implementation of key projects. It is based on the team and individual KPIs achieved.
The KPIs, their implementation and annual bonuses are approved every year by the Board of Directors, with due account to the recommendations of the HR and Remuneration Committee.
The KPI system and its interrelation with the Company’s Strategy are detailed in Section Company KPIs of this Report.
The total remuneration to the members of the Board of Directors for 2018 amounted to 3.8 bln Information on remuneration and reimbursement of expenses of the collective executive body (the Management Board) was published on 5 February 2019, in accordance with the requirements of the Russian legislation for disclosure of information by issuers of issue-grade securities as part of the Quarterly Report of Rosneft for Q4 2018. , down 1.9% year-on-year.
Considering the changes in the nominal roll, the annual average of payouts per one member of the Management Board in 2018 decreased by 13% year-on-year.
No loans and borrowings have been provided for the members of the Board of Directors and the Management Board in the reporting year.