The area where money is received from has expanded …
"Rosbank" chose to raise the pay for the board of directors after a change in ownership.
Under the new decision, each independent director will get 7.8 million rubles every year, based on the time spent on these duties, and each head of the board of directors' committee will receive 1.2 million rubles. MorningNews.
Also, all board of directors members can get their expenses reimbursed.
Last year, the sole independent director, Didier Ogel, was paid significantly less, only 18,000 euros.
In the spring, the Societe Generale Group sold Rosbank to Vladimir Potanin’s Interros, and the first shareholder meeting took place at the end of June. The bank's press service specified that the remuneration for independent board members was decided based on market conditions.
The head of Top Contact's board of directors, Artur Shamilov, stated that board of directors typically make 6-12 million rubles annually.
Olga Selivanova, CEO of Magnum Hunt Executive Search, mentioned that before the current crisis, compensation for an independent board member of a foreign or Russian bank ranged from 100 to 200 thousand dollars annually.
It's important to note that the meeting took place after the UK imposed sanctions on Vladimir Potanin and Rosbank. On June 30, London imposed sanctions, and on July 1, Clearstream blocked a correspondent account with Rosbank.
After the sanctions were imposed, London gave 30 days to end all operations involving Rosbank, as well as organizations owned and controlled by it. The general license is available on the British government's website.
Sanctioned banks are facing challenges in finding independent board members, according to the newspaper's expert opinion. Hence, the increase in rewards doesn't come as a surprise. Reportedly, the remuneration of board of directors members at one Russian bank went up from 7.7 million to 9.3 million rubles.
Experts believe that despite the sanctions, Russian banks will endeavor to not only maintain but also increase their managers' income levels.
When purchasing Rosbank, Potanin pledged to maintain its stability. He identified the integration of digital technologies and products into traditional banking services as the bank’s top priority.
The press release emphasized that the bank would continue to be Societe Generale’s preferred partner in Russia. The company did not reveal the transaction amount, but sources indicated that it would only be 0.2-0.3 capital, equal to 40-60 billion rubles, and the payment would come from the businessman’s foreign accounts or his controlled companies.
Recall that this is not the only asset acquired by Vladimir Potanin during the wave of sanctions against Russian politicians, businessmen and companies.
At the end of April, Interros agreed to buy a 35% stake in TCS GroupHolding, the parent company of Tinkoff Bank. Such a share belongs to RigiTrust, which is controlled by the bank’s founder Oleg Tinkov and his family. The parties also did not disclose the amount and other terms of the deal.
Interros has previously been a shareholder of Rosbank. In December 2011, VTB Capital received an 11.13% stake in Rosbank as a result of a deal with Interros. In December 2013, VTB sold its stake to Societe Generale.
In April 2014, Societe Generale bought another 7% of Rosbank’s assets from Pharanco Holdings registered in Cyprus and consolidated 99.95% of Rosbank.
