Sberbank information (materials)
Details of Disbursements/Remuneration to Key Management Staff
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- * Amount of dividends per one share in 2006 was re-calculated on the basis of the existing par value of the Banks shares at 3 rubles.
- according to IFRS Share of Banks net earnings per RAS, earmarked
- Amount of announced (accrued) dividends combined for all common and preferred shares
Details of Disbursements/Remuneration to Key Management StaffPursuant to Sberbank's Accounting Policy, details provided in the Explanatory Note on operations (transactions) with key management staff include details of operations with natural persons who are members of the Bank's management and control bodies. Such natural persons include:
Remuneration of Members of the Management Board and the CEO and Chairman of the Management Board Remuneration and compensation is paid on terms and conditions of contracts entered into with the CEO and Chairman of the Management Board and members of the Bank's Management Board. Sberbank does not practice paying members of the Management Board fees or any other property. In 2011, like in 2010, the Bank did not use the Bank's share option system, had no system for granting interest-free or unprofitable loans to employees, applied no insurance, credit and deposit or any other indirect incentive methods. In order to limit labor costs related to members of the Management Board, the Supervisory Board of Sberbank of Russia introduced:
These limitations are recorded in contracts with Management Board members. Details of payments made to Management Board members are published on the website in a quarterly securities report. The amount of all payments accrued for Management Board members in 2011 less payments for business trip periods was 1.96 bn rubles, 32% more than in 2010 less payments for business trip periods (1.48 bn rubles). The 2011 growth in payments to Management Board members compared to 2010 results from a 78.5% increase in net earnings, from 174.0 bn rubles to 310.5 bn rubles. The share of total payments made to members of OJSC Sberbank of Russia's Management Board in the Bank's net earnings fell from 0.9% to 0.6% as compared to 2010. This is the lowest figure among largest Russian banks.
It was resolved during the Annual General Meeting of the Bank's shareholders held on 3 June 2011 that remuneration of members of the Supervisory Board and members of the Audit Committee of OJSC Sberbank of Russia should be:
Money allocated for payment of 2010 dividends under shares of Sberbank of Russia was increased from 10% to 12.1% of net earnings of the Bank, calculated according to Russian Accounting Standards (RAS).
* Amount of dividends per one share in 2006 was re-calculated on the basis of the existing par value of the Bank's shares at 3 rubles. ** The reason for failure to pay announced dividends – incorrect payment details of shareholders. In August 2011, the Supervisory Board of Sberbank adopted a new Dividend Policy. According to this Policy, when pursuing its plans to optimize capital structure and arrange long-term collaboration with its shareholders, the Bank intends consistently, within a three-year timeframe, to increase dividend payments to 20% of net earnings earmarked for the Bank's shareholders and based on the Bank's annual consolidated financial statements prepared under International Financial Reporting Standards (IFRS). However, dividends will still be paid from the Bank's net earnings calculated under Russian laws, i.e. RAS. The amount of dividends payable under shares of Sberbank of Russia for 2011 to be recommended for approval to the General Shareholders’ Meeting following endorsement of the Bank's Management Board and examination by the Supervisory Board:
The resolution on the 2011 dividend payment and amount will be made by the Bank's General Shareholders’ Meeting on 1 June 2012. Relevant information will be published on Sberbank's website www.sbrf.ru; www,sberbank.ru.
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