Remuneration

The remuneration paid to the President and CEO and to the members of the Management Board consists of:

  • fixed salaries, determined according to the employment contract and paid on a monthly basis;
  • variable salaries (bonuses), KPI-based and established individually, according to the duties performed (such as EBITDA, shipment volumes, etc.) and approved by the Board of Directors every year. A bonus is paid to the President and CEO and to members of the Management Board if they achieve their key performance indicators, subject to the approval of performance reports by the Board of Directors.

In 2010, the aggregate remuneration of the President and CEO and the members of the Management Board was U.S.$2.43 million2.

2 Based on the average exchange rate for 2010 — 30.3692 RUB/U.S.$

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