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2019 72 73 74 75 76 77
2018 66 67 68 69 70 71
2017 60 61 62 63 64 65
2016 54 55 56 57 58 59
2015 48 49 50 51 52 53
2014 42 43 44 45 46 47
2013 36 37 38 39 40 41
2012 30 31 32 33 34 35
2011 26 27 28 29    
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Issue № 74. June 2019

The Remuneration Model of Gazprom and Rosneft Senior Management Based on the Financial Indicators Analysis

Yuliya N. Aleshina

Graduate student, School of Public Administration, Lomonosov Moscow state University, Moscow, the Russian Federation.

The article raises the compensation problem of Russian companies’ top management. In a crisis market, modern companies are trying to find the most effective, appropriate model of senior managers’ remuneration. The article is based on theoretical and practical works of foreign and Russian researchers, statistical collections, data of international rating agencies. Global wage trends are highly variable and depend on a wide range of factors related to companies, both directly and indirectly. The author graphically visualizes the latest changes in the structure of remuneration of top management, determines the national Russian features of remuneration and gives the reasons for such differences, indicates the importance of the bonus part in remuneration in state-owned companies. The basis of this article is the financial statements of two Russian fuel and energy companies. The author analyzes the remuneration ratio and financial performance of the two largest companies in Russia — Gazprom and Rosneft, evaluates their financial results for the several years and provides the amount of remuneration of the companies’ presidents for the analyzed period. The correlation coefficient of the volume of material remuneration and the premium part with the key financial indicators of these companies is determined and the author's model of the integral indicator K is proposed as an assessment of the financial efficiency of the company to determine its compliance with the remuneration level of the first person of the company. As a result of the analysis a negative correlation between the levels of managers’ remuneration and financial achievements of the companies under consideration becomes obvious.


Material remuneration, top management, bonus, compensation, efficiency.

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