OREANDA-NEWS. The reward of the Management Board of Rosneft following 2014 results accounted to RUB 2.8 bln. The Management Board is consists of the following top managers: the Head of Rosneft, First Vice President, Vice Presidents and Financial director (13 persons in total).

A variable component amounts to approximately 60% of the reward. This part depends on individual achievements of the manager and overall Company results. The average gross income of the members of the Management Board is in line with international business field standards and efficiency indexes.

In 2014 Rosneft Chairman of the Management Board Igor Sechin earned RUB 2.97 mln for his participation in the work of the Board of Directors of JSC Inter RAO UES. All of these earnings were donated to charity. Members of the Management Board do not receive additional reward for the participation in governing bodies of Rosneft or its subsidiaries and affiliates.*

In line with UN Convention Against Corruption dated October, 31 2003 that the Russian Federation ratified in 2006 and with the Federal Law on Countering Corruption adopted in furtherance of the above Convention Rosneft, an international public company, has put in place internal regulations for improving transparency and countering corruption, including the Policy on Combating Involvement in Corruption Activities and the Policy on Combating Corporate Fraud (both available at the Company’s website).

The said corporate regulations define a list of officials who must file information about their and their spouses’ and minor children’s income, property, and liabilities. The list includes the President, Vice Presidents, Chief Accountant, heads of departments and their deputies, heads of divisions and their deputies, directors of Subsidiaries and their deputies.

To avoid conflict of interests, supplements to employment contracts have been signed with the said Company officials that stipulate their obligation to provide the indicated information about themselves and their family members, control mechanisms to ensure the obligations, requirements, prohibitions, and limitations are respected, conflict of interests resolution mechanisms, implications of failing to respect the obligations, requirements, prohibitions, and limitations. The supplements signed with the officials listed above limit the amount of shares they can hold in public companies either competing or not competing with the Company to 1%. Information about the Company top managers’ shareholding is public.

To avoid conflict of interest and in contrast to a number of companies of Russian Oil and Gas sector, Rosneft top managers and members of their families do not participate in activities of any contracting or service organizations, which deliver services to the Company, and are not beneficiaries of such activities.

The Company’s Board of Directors regularly estimates corruption risks, inherent to the sectors and jurisdictions of business operations’ locations. Elicited facts of conflict of interest are reviewed, upon the analysis appropriate measures are taken up to and including discharge.

Rosneft is the largest taxpayer of the Russian Federation providing around 25% of all tax revenues of the budget of the country. As to results of 2014 the Company paid more than 3 trillion rubles. Rosneft dividends amount 25% of its profit.

*As part of the execution of the legislation three members of the Management Board obtain reward for their collateral performance at the level of the established Statutory Minimum Wage Index