print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
 
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line


Get updates



Home  Issuers' Corner  Press Releases REGISTER LOG IN

Press Releases

company search
all press releases
all Financial Corporation "Sistema" press releases

Financial Corporation "Sistema"

October 28, 2013

Appointments and new motivational programme

Moscow, Russia- October 28, 2013 - Sistema JSFC ("Sistema" or the "Company") (LSE: SSA), the largest publicly-traded diversified holding company in Russia and the CIS, today announces that the Company's Board of Directors, amongst corporate, strategy and investments agenda items, has approved a change in the Company's Management Board, appointing Oleg Mubarakshin as Vice President for Legal Division. Anna Goldin, who previously held this position, will remain with the Company as Special Adviser to the Chairman of the Board of Directors and will be in charge of certain corporate projects. 

The Board of Directors also approved Sistema's new motivational programme for its portfolios and functional divisions. The new programme applies to Sistema's employees and rewards them based on cash generation and share price performance principles. In accordance with the approved scheme, the bonus allocation for Sistema's employees will be based on cash received to the holding level from each portfolio. This principle excludes existing dividend streams from MTS and Bashneft, but it will take into account any new dividend streams, as well as net cash gains from divestments and exits. The potential bonus pools generated by cash inflows will be net of the portfolio costs and a hurdle rate equal to Central Bank interest rate. In addition, the Long Term Incentive plan, which rewards the Company's senior management in the form of Sistema shares, is based on Sistema's annual share price and total shareholder return (TSR) performance. 

Vladimir Evtushenkov, Chairman of Sistema commented:

"The changes adapted to Sistema's motivational programme are a significant milestone in our drive to transform the Company into a more agile and return driven investment vehicle. In accordance with best industry practices, Sistema's management will now be rewarded on the basis of cash returns generated by each portfolio. We believe this creates a more fair remuneration story fully aligned with our objectives of maintaining strict cost controls at the holding level and progressively increasing returns to shareholders." 

Biographical Information: 

Oleg Mubarakshin was formerly a member of the Management Board and Head of Legal Department at EastOne Investment and Consulting Group. Prior to EastOne, Mr Mubarakshin held senior management roles in InBev FMCG Group, where he was responsible for Legal affairs in Central and Eastern Europe and later Western Europe. In addition, between 1996 and 1998, Mr Mubarakshin was Deputy CEO of Legal Affairs at the Belye Nochi, a Russian oil and gas exploration and production company. Mr Mubarakshin holds a degree in law from Moscow State Academy of Law, a degree in Finance and Credit from the Finance Academy under the Government of the Russian Federation and completed training at the Military Institute of the Defence Ministry.  

*** 

For further information, please visit www.sistema.com or contact: 

Investor Relations

Evgeniy Chuikov

Tel.: +7 (495) 692 1100

ir@sistema.ru

Public Relations

Eleonora Veitsman

Tel.: +7(495)730-71-88

pr@sistema.ru 

 

 

 

Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D F G I K L M N O P R S T U V W X Z


Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer