Sechin explained the necessity of high wages in Rosneft

President, Chairman of the Board of JSC “NK “Rosneft” Igor Sechin during the annual General meeting of shareholders of OJSC “NK “Rosneft”

The President of “Rosneft” Igor Sechin said that the salary of top managers in the company must comply with international standards. “The size of the income of top management corresponds to the level of large Russian companies and should be comparable to that of global companies, otherwise we will face cross-flow of qualified personnel”, — said Sechin on Wednesday, June 15, at meeting of shareholders “Rosneft”.

According to Sechin, the qualified staff allow the company to carry out technological breakthroughs. He cited the example of the trading activities of “Rosneft”. “I believe we have one of the best trading or the best among Russian companies and one of the best in the world. Try to interest trader with a small salary when his eyes are multibillion-dollar deal,” said the head of “Rosneft”.

He assured shareholders that none of the top managers has no side income. Company executives are not included in the boards of Directors of service companies and do not own them. According to Sechin, the work on prevention of conflict of interest is conducted including at the management level of subsidiaries. “I personally in the past year, I spent 650 hours in the plane. If someone wants to spend 650 hours in the plane please” — said the President of “Rosneft”.

According to the reporting “Rosneft” in 2015 the ten members of the company Board were paid RUB 7 billion, including 682 million in wages, more than 2 billion award, 912 million payment for being in business trips and other compensations. By results of work in 2014 the amount of remuneration amounted to 2.7 billion rubles.

In may 2015, RBC has estimated the annual income of Sechin in the amount of 459 million to 612 million rubles, Then the company published “the Standard of payments and compensation of top managers.” The document was approved by the Board of Directors of the oil company on 23 April 2015 and entered into force the next day. According to him, the salary of the President of “Rosneft” is set at the level of 15-20 million rubles. per month. Thus, the annual salary of Igor Sechin, is in the range of 180-240 million rubles, and the rest he receives in premiums.