The Board of Directors Remuneration

Remuneration of the Board of Directors in 2020

Members of the Board of Directors receive remuneration in line with the Remuneration Regulations. According to these regulations, remuneration is provided to independent and nonexecutive directors, who may choose to voluntarily waive their remuneration.

In 2020, remuneration was paid to seven Board members, including four Independent Directors (Sergey Chemezov (Chairman), Daniel Wolfe, Paul Ostling and Luc Maene), and Non-Executive Directors (Alexander Bazarov, Dmitry Lobiak and Dmitry Mazepin).

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 average exchange rate in 2020: RUB/USD 72.1.