THIS MESSAGE (MATERIAL) IS CREATED AND (OR) DISTRIBUTED BY A FOREIGN MASS MEDIA PERFORMING THE FUNCTIONS OF A FOREIGN AGENT AND (OR) A RUSSIAN LEGAL ENTITY PERFORMING THE FUNCTIONS OF A FOREIGN AGENT.
The company SUAL Partners, which is owned by Viktor Vekselberg and Leonard Blavatnik and is one of the largest shareholders of UC Rusal, announced the excessive remuneration of the head of the board of directors of UC Rusal, Bernard Zonneveld, writes Forbes, citing a comment by SUAL.
According to the publication, the company’s comment followed the Forbes material on the annual remuneration of the heads of the boards of directors of the largest Russian companies. The material said that the basic remuneration of the chairman of the board of directors of UC Rusal Bernard Zonneveld in 2020 amounted to 123.7 million rubles. According to Korn Ferry analysts, Zonneveld was the leader in terms of base remuneration. At the same time, in addition to the basic part, he could receive bonuses for solving the assigned tasks, which could exceed the basic remuneration.
SUAL Partners expressed the opinion that the work of the chairman of the board of directors is not least in maintaining a balance of priorities of the company and all its shareholders, and not only “strict observance of the interests of the owner of the largest block of shares.” According to SUAL, Sonneveld’s remuneration does not reflect performance in this area. The statement says that the company intends to continue to seek “a more objective assessment of the performance” of management and respect for the interests of all shareholders.
The largest shareholder of UC Rusal is Oleg Deripaska’s company EN+, which owns 56.88% of the shares. SUAL Partners owns a 25.72% stake in UC Rusal.
As experts told Forbes, Zonneveld’s high compensation is explained by the “difficult international situation” – at the end of 2018, US sanctions were lifted from the company. While under sanctions, the company’s work was partially paralyzed, and the chairman of the board of directors faced a rare and difficult mission, analysts said. Such a task required the candidate to have special competencies and a higher level of remuneration.
At the same time, experts noted that the reward of 123.7 million rubles is significantly higher than the market, not only by Russian, but also by European standards.
Source: Rosbalt
Tristin is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
