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Top managers’ salaries in Russian state corporations to be tied to performance indicator

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Top managers’ salaries in Russian state corporations to be tied to performance indicator

State-owned companies may get a uniform standard of top managers’ remuneration. A concept of economic development has been generally endorsed at a meeting with first Deputy Prime Minister, Igor Shuvalov, now it is necessary to finalize the document before April 5, Vedomosti newspaper reports citing its sources.

Last summer, the Ministry of Economic Development gave an assignment to prepare an integrated remuneration pattern. The Ministry has developed and submitted to Igor Shuvalov a rigid two-tier regulation, which included a fixed annual salary (less than 50% of the remuneration) and a variable part that depends on a key performance indicator — KPI. In case KPI is not achieved, the rest of the remuneration is not paid.

The regulation has provoked a resistance on the part of some state-owned companies, because initially officials offered the third part, a bonus, which would not depend on KPI, so that top managers would be able to receive bonuses in the time of crisis as well.

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