Most of the remunerations to board members of the largest Russian banks by assets have declined, the Kommersant newspaper writes. The publication calculated that the reduction in bonuses ranged from 5.7 to 48.03 percent. The only exceptions were Alfa-Bank and Rosselkhozbank, where payments to board members increased by 26.5 and 7.5 percent, respectively.
Sberbank paid the board 5.9 billion rubles instead of 6.3 billion a year earlier, and liabilities for long-term remuneration amounted to 3.7 billion rubles (3.8 billion in 2020). VTB explained that it reduced the annual premium to the board at the end of 2019, when the bank earned a record IFRS net profit.
This happened against the backdrop of “the economic turbulence triggered by the coronavirus pandemic in 2020.” “The payment of dividends and significant bonuses should occur after the stabilization of the situation in the economy and the refusal of banks from the preferential opportunities provided by the Bank of Russia,” commented the first deputy chairman of the board of Sovcombank Sergei Khotimsky.
In the summer of 2020, the Russian authorities thought about cutting salaries for top managers of state-owned companies, state corporations and structures under their control. It is assumed that the salary, other payments and bonuses will not exceed 30 million rubles per year for one executive employee.