The Board of Directors remuneration

Remuneration Payable to the Board of Directors in 2018

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 2018, the Remuneration Regulations were amended. Thus, prior to June 29, 2018, remuneration was paid for membership in each of the Board Committees, while after the AGM, the structure of remuneration was changed — at present, the annual remuneration of Board members consists of several parts:

• The base part for being on the Board of Directors;
• and a separate part for additional duties (for serving as chairperson of a Board Committee, for working as Senior (Leading) independent director, for the chairperson or Deputy Chairperson of the Board of Directors).

Both parts of remuneration are fixed values. If a Board member performs several additional duties, the remuneration for each of such duties is summed up.

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 2018, remuneration was paid to five directors including four independent directors — Sergey Chemezov (Chairman of the Board), Daniel Wolfe, Paul Ostling and Luc Maene, and one non-executive director — Dmitry Lobyak.

In accordance with the Remuneration Regulations, directors are reimbursed for their travel expenses (travel to and from the board meeting venue), accommodation costs and the costs not directly related to participation in board meetings but connected with the business of the Company.

* Based on the average exchange rate for 2018: 69.47 RUB/USD.