MOSCOW, Feb 12 (PRIME) -- Russian gas giant Gazprom has developed a new long-term incentive program for top managers, under which it will pay up to 50% of annual remunerations to the managers of “the first and second levels” with the shares of the company, Deputy CEO Famil Sadygov said late on Tuesday during the company’s investor day.
“The goal of the program is to tie the long-term incentive program for Gazprom’s management to the company’s capitalization…It will be based on the principles of equity participation, or a plan of share ownership. Up to 50% of annual remuneration to the management will be paid with the shares. There will be restrictions on the period of the sale of shares,” he said.
The motivation of managers will secure long-term growth of the shareholder equity, and the schedule of the incentive program is as close to the company’s investment cycle as possible so that top managers are incentivized to fulfill strategic goals. Gazprom will use the 0.12% quasi-treasury stake on the program, he said.
The program will cover the members of the management board, heads of the departments, and regional directors of subsidiary gas companies, because these managers have the highest impact on the company’s capitalization, he said.
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