пятница, 18 марта 2011 г.

Gref should not complain on his salary


The draft document establishing the salary of the head of Sberbank Herman Gref became available to journalists. This is a contract which is signed by Sberbank of Russia and its President, Chairman of the Board of the institution, which Gref is. The state share in this bank is 60,3%. However the size of Mr. Gref's income can hardly resemble the public sector wages.

According to the supplementary agreement 'to the treaty of February 5, 2008», «from the 1st of January, 2010 Herman Gref has been established the official salary of $ 950,000 (950 thousand) rubles a month." Also he receives an annual award "for the results of financial and economic activities" of the bank, which "should not exceed 30 (thirty) times the monthly salary of the President, Chairman of the Board of Sberbank of Russia". Do not bother to do calculations, as the next paragraph provides that these payments "should not exceed 16 687500 rubles."

In addition, «under a special decision of the Supervisory Board President, CEO … can be set additional compensation upon the results for the year at amount which shall not exceed 0.075% of net profit of Sberbank of Russia".

In case of accident the Savings Bank President and his relative will also get compensation. A separate paragraph stipulates that "in case of death of the President, Chairman of the Board ... or getting hurt (injury, trauma, concussion, etc.) or disability due to illness that resulted in the establishment of invalidity occurred during the term of this Agreement and after its termination, in case the death (injury, illness) of the President ... is related to his work in the Savings Bank of Russia, Sberbank of Russia will pay Gref himself or his family a lump sum compensation of $ 27.5 million rubles.

Herman Gref has the "golden parachute" also. "In cases of termination of this Agreement for reasons beyond the control of the parties", the bank will still pay its "President, Chairman of the Board ..." 13 750 000 rubles. And, for example, in case Sberbank suddenly wants to get rid of its leader, it will be obliged to pay him the exact same amount.

Meanwhile, the Duties of Gref are stipulated in the six points. Among other things, he must comply with the requirements of current legislation, ensure effective operation of the bank to comply with trade secrets and internal rules.

Source: newspaper "Moskovsky Komsomolets" № 25339 of April 28, 2010

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