Igor Zyuzin: salary feast during the plague

Mechel has a debt of 445 billion rubles, but still pays record sums to its own management.
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The history of recent years for belonging to Igor "Mechel" holding Zyuzin are fighting with creditors with the hope defer the final bankruptcy. Over the years Zyuzin masterly learned to blackmail Sberbank, Gazprombank and Vladimir Putin's alleged "threats to social stability", which could result in the collapse of the corporation. Under pressure from the country's leadership made concessions to the Savings Bank, has declared its readiness to restructure part of the debt of "Mechel" at $ 1.4 billion, reduced their appetite and Gazprombank. As far as can be judged from the Reuters publication, in the fate of "Mechel" I took an active personal involvement in-law of President Cyril Shamalov. His brother Yuri Shamalov working in Gazprombank. After it became clear that the payment of debts in the amount of almost 445 billion rubles will defer, the management of "Mechel" decided "to open the champagne." And immediately increased his salary.

Board of Directors The remuneration of "Mechel" has increased in the first nine months of 2016 compared to the same period of 2015 by 37.2% to 96.2 million rubles. Top management received in January - September by 21.92% more than the year before - 100 million rubles. The growth of compensation in the III quarter of 2016 to the II quarter will be in the Board of Directors 11.2%, from the board - 41,69%, follows from the report.

The Management Board of "Mechel" for the year increased by one manager - up to 11 people. Of the former managers there were general director of "Mechel" Oleg Korzhov, general director of "Mechel Mining" Paul Stark, Safety Vice President Valery Sheverdin and Director of Legal Affairs Irina Ipeeva. The number of Board of Directors has not changed - nine people on the board, but the composition has changed almost completely. So, in April, the Board of Directors at the extraordinary meeting of the adviser predpravleniya Gazprombank Tigran Khachaturov was elected (this was one of the conditions for debt restructuring), as well as two new independent directors - Alexander & Alexander Kock Orischin. Instead resigned the vice-president of "Mechel" Alexey Ivanushkina the council entered the senior vice-president Victor Trigubko. At the annual meeting the shareholders elected the Board of Directors of "Mechel" the president of RSPP Alexander Shokhin. In general, in comparison with the Council in 2015 have retained four seats: the main owner of the company Igor Zyuzin, Korzhov and two independent directors - Yuri Malyshev and Vladimir Korovkin.

Changes in the Board and the Board of Directors also affected the amount of payments and little influenced by exchange rate differences, as some directors are being paid in US dollars.

In the first half of "Mechel" reached an agreement with state-owned banks (accounting for 67% of the 445 billion rubles of debt) at the end of the II quarter was restructured 78% debt. Over half of "Mechel" has earned a small net profit. As pointed out journalists of "Vedomosti", this was the only time in the past five years - before businessman Zyuzin generate only losses.