The net profit of the companies in terms of growth of the remuneration of top managers is lagging behind.
RBC analyzed the dynamics of net profit and remuneration of key personnel 15 Russian companies that have the greatest weight in the index of MICEX (see. Table). The index itself, as stated on the website of the Moscow stock exchange, reflects the market capitalization of the "most liquid stocks of the largest and most dynamically developing Russian issuers, economic activities which are among the main sectors of the economy."
Despite the crisis
The total remuneration of key personnel analyzed 15 companies in 2015 amounted to 63.8 billion rubles., RBC follows from calculations carried out on the basis of data from the company accounts. Incomes of top managers and boards of directors have increased both in relation to 2014 (58.1 billion rubles.), And in comparison with the pre-crisis year of 2013 (56.5 billion rubles.) - 10 and 13%, respectively.
Last year, the income of top managers have grown in comparison with 2014 year ten companies. Most notably - in the "Norilsk Nickel", which are 13 board members and 13 members of the Board etc. to the key personnelirektorov. The company paid them a total 3.7 billion rubles. This is 2.4 times more than in 2014 (1.42 billion rubles.), And 45% more than in 2013 year (2.55 billion rubles.).
The representative of "Norilsk Nickel" explains the increase in the remuneration of top managers of the company profit growth: in ruble terms in 2013, it has grown more than four-fold - from 24.4 billion to 105.1 billion rubles. Nickel prices over the same period fell by half - from $ 16.9 thousand to $ 8.7 thousand per ton... Compensate for the loss helped devaluation of national currency (the ruble in 2013, depreciated against the dollar by 2.5 times - from 30.35 to 73.52 rubles to the dollar.). and lower operating costs.
The growth of the company's expenses on salaries and bonuses to managers is also linked to the fact that since the middle of 2014 the company began to pay a premium non-executive directors within the Board of Directors, adds a representative of "Norilsk Nickel". Previously, the company pays only independent directors.
Another leader in terms of remuneration growth was the Moscow stock exchange. In 2015, it paid to members of the Management Board and the Board of Directors 689 600 000 rubles. - A 55% increase,than in 2013 (455 mln.). The company's profit for this period increased by 2.5 times to 27.9 billion rubles.
The remuneration includes both cash payments and the reporting of the value of the outstanding leaders of the rights to purchase shares of the company, explains the representative of the Moscow stock exchange. "For 2015 the growth of payments in the form of salaries and bonuses amounted to 12.9%, which roughly corresponds to the level of inflation", - he said. According to him, the KPI key executives consist of corporate and individual performance, and the higher the position of the employee, the greater the share of the corporate purposes of the calculation of remuneration. "Corporate goals in 2015 included three components: return on equity, continuity of the systems and the implementation of strategic projects," - he adds.
In 2015, the market showed a record return on equity - 27.3% against 17.4% in 2014. But, for example, to the continuity of service systems can be questions: one year on the Moscow stock exchange was ten failures, trading several times stayed for an hour or longer. To combat properly has drafted a manual exchangeon the improvement of trading system, it will cost 3 billion rubles. and should be completed by 2017, said director of RBC Exchange IT Sergei Polyakov.
The most significant reduction occurred in the management of income "Severstal". In 2015, the company paid to key management 0.6 billion rubles., 30% less than in 2014 (0.9 billion rubles.), And two times less than in 2013 (1.24 billion rubles). . At the same time the company's profit in 2013 increased by 12 times, from 2.7 billion to 34.4 billion rubles.
According to the representative of "Severstal", the reduction of remuneration of top managers is due to the reorganization of the company's management structure. Now the status of key personnel is fixed for only five members of the board of the company - the CEO and his deputy, but earlier it was about ten managers. the position of Deputy Director has been reduced by the strategy and the main shareholder of "Severstal" Alexey Mordashov in 2015 resigned as director general, which also affected the volume of payments.
Late last year, the head of Sberbank German Gref announced the occurrence of the "scalabnogo banking crises over the past 20 years. " Compensation of key personnel of the Savings Bank for the past year amounted to 2.5 billion rubles. - 300 million rubles. less compared to the year 2014 and 700 million rubles. - Compared to the 2013 year. top management remuneration is tied to profits, explains the bank's press service. In 2015, Sberbank's net profit amounted to 222.9 billion rubles. against 290.3 billion rubles. in 2014 and 362 billion rubles. in 2013.
VTB last two years showed a small profit - 1.7 billion rubles. in 2015 and 0.8 billion rubles. in 2014. For comparison: in 2013 this figure amounted to 107 billion rubles. At the same time in 2015, VTB Group management has paid 6.1 billion rubles. - 3.4% more than in 2014 (5.9 billion rubles.), But 30% less than in 2013 (8.8 bln.).
For key personnel include VTB Group 173: Members of the Supervisory Board, the Board, the Audit Commission and the heads of the subsidiaries. The amount of payment is calculated from the specific results of each business unit or group company, said in response to a request to RBC Bank press service. Remuneration of the members of the Board of the parent bank VTB at the resultstatam 2015 decreased four times, up to 399 million rubles., which is associated with the reduction of VTB IFRS profit in 2014, underscores the bank's representative.
Profit is not caught
On average, the cost of 15 Russian companies and banks in the management personnel in 2015 increased by 10% compared to the year 2014 and by 13% - from 2013 year (see table.). Net profit of companies and banks still have not returned to pre-crisis level. Over 2015 companies analyzed earned 3.04 trillion rubles. This is 27% more than in 2014 (2.4 trillion rubles.), But 5% less than in 2013 year (3.2 trillion rubles.).
Net profit recovered slowest. In the past year, Russian banks faced tight monetary policy of the Central Bank of the weakening of the ruble and the acceleration of inflation, recession, closed foreign markets and the deterioration of the largest borrowers, lists the main expert of the "Interfax-CEA" Alex Buzdalin. On the financial results of banks, according to him, affected by several factors: the increase in reserves due to the deterioration in the quality of loan portfolios, impairment of portfolios boomg, and the need to hold the currency revaluation of assets and liabilities due to the sharp fall of the ruble.
Suffer and the net profit of MTS, telekomindustrii sole representative in the top 15, the MICEX index. In 2015 it amounted to 49.5 billion rubles. - 3.5% less than in 2014 (51.3 billion rubles.), And 38% less than in 2013 year (79.8 billion rubles.). This award MTS management over the last three years, almost did not change - 855 million rubles. in 2015, 797 million rubles. in 2014 and 883 million rubles. in 2013. MTS press service declined to comment.
Nine of the fifteen analyzed companies - exporters. Their sales are dependent on commodity prices, and they are two years significantly decreased, for example, the price of oil - more than two times, recalls the deputy director of the Center for Development Valery Mironov. Compensate the losses of the company helps weakening of the ruble devaluation effect but still not completely smoothed price.
The largest Russian company - "Gazprom" - was able to earn nearly 790 billion rubles in 2015. - Five times more than in 2014 year (159 billion rubles.), But 31% less than in 2013 (1.1391 trillion rubles.). reasonssuch shocks - exchange differences, says analyst "Uralsib Capital" Alexei Kokin. Profit monopoly fell in 2014 because of exchange losses and revaluation of foreign currency debt, he said. In 2015, losses due to exchange rate fluctuations were less so, despite the decline in oil and gas prices, the company's profits grew. On earnings management of horse racing is not affected - a key company management in 2015 earned 60% more than in 2013. "Remuneration of executive bodies and other key employees depends on the results of operation of JSC" Gazprom "and their personal contribution to the achievement of this result," - said in the company's accounts. There it is said that the calculation of bonuses the company is focused on the financial, economic and industry performance indicators, including the level of unit costs, return on equity, sales, commissioning major projects, etc. Press-service of the group did not provide further comment.
International standards of corporate governance suggests that incomes of key managers at naenii financial results of their companies also reduced, reminds the chairman of the board of directors TopContact Arthur Shamil. "Worldwide, the remuneration of top managers of companies linked to the implementation of key performance indicators (KPI), the main of which is the achievement of profit targets" - agrees director of the Association of Independent Directors Igor Rozanov. When profits are falling, and grow revenue management, overseas it is often raises questions to the system of remuneration, he recalls.
For example, in mid-April, BP shareholders opposed the increase in remuneration of the company's CEO Robert Dudley 20%, to $ 20 million. Shareholders outraged that the head of the revenue growth, despite the fact that in 2015 the company recorded a record annual loss amid falling oil prices and cut 5 thousand. jobs. Despite the fact that the results of the voting shareholders to nothing obliges the company's management, BP leadership announced that it would consider the issue of changing the model calculations of remuneration.