The Board of Directors remuneration

Remuneration Payable to the Board of Directors in 2019

Members of the Board of Directors receive remuneration in line with the Regulations on Directors’ Remuneration and Reimbursement of PJSC Uralkali (the Remuneration Regulations). According to the Remuneration Regulations, remuneration is provided to independent and non-executive directors. A director can waive his or her remuneration.

In 2019, the Remuneration Regulations were amended to reflect the amount of remuneration payable to the Board’s deputy chairpersons. Currently, the Board members’ remuneration consists of several parts:

• Remuneration for activities on the Board of Directors;
• Annual remuneration for additional duties (chairman of a committee, Senior Independent Director, or Deputy Chairman of the Board of Directors). These remuneration amounts are generally fixed but can be increased if a Director performs several additional duties.

Remuneration payable to the Chairman of the Board of Directors is governed by a specific section of the Remuneration Regulations. The Chairman’s remuneration is also fixed and is paid on a monthly basis in equal amounts.

In 2019, remuneration was paid to five Board members, including four Independent Directors (Sergey Chemezov (Chairman), Daniel Wolfe, Paul Ostling and Luc Maene), and one Non-Executive Director (Dmitry Lobiak). Since July 2019, remuneration has also been paid to Dmitry Mazepin, the Deputy Chairman and Non-Executive Director of the Company.

In accordance with the Remuneration Regulations, directors are reimbursed for their travel expenses (in relation to meetings of the Board), accommodation expenses as well as expenses not directly related to participation in the meetings, but still connected with the business of the Company.

* Based on the exchange rate as of 31 December 2019: RUB/USD 61.9057