Remuneration of the management
The existing complex incentive system for the top management is described in Rosneft’s Standard for Rewards and Compensations to Top Managers and ensures their focus on results and commitment to achieving the Company’s strategic goals.
Top managers’ remuneration depends on the Company’s performance and implementation of major projects, provided that team-based and individual key performance indicators are met.
The KPIs, actual performance and annual bonuses are approved by the Board of Directors on an annual basis with input from the HR and Remuneration Committee.
The KPI framework and its integration with the Company’s Strategy are detailed in Section Company KPIs of this Report.
No loans or borrowings were issued to members of the Board of Directors and the Management Board in the reporting year.
The total remuneration paid to members of the Management Board in 2020 amounted to RUB 3.531 blnInformation on remuneration and reimbursement of expenses paid to the collective executive body (the Management Board) in 2020 was published on 12 February 2021 in accordance with the Russian regulatory requirements for information disclosure by issuers of issue-grade securities as part of Rosneft’s Issuer Report (Quarterly Report) for Q4 2020. , down by 1.1 % year-on-year.
Since 2017, the total remuneration payable to members of the Management Board went down by 10.1 %, or RUB 396 mln.