On August 28, 2013, Igor Sechin, Rosneft President and Chairman of the Management Board, increased his shareholding in the Company from 0.0075% to 0.0849%. Part of the shares acquired was covered by a bank loan.
Earlier Igor Sechin mentioned the possibility to further increase his shareholding in the Company. Rosneft’s management participation in the program to acquire the Company’s shares and in the charter capital is in line with best international practices.
“The first program was implemented in accordance with the ruling of the Board of Directors, which recommended that top managers should spend their annual bonuses to acquire shares of the Company. I think this program can be extended through both personal funds and borrowings. As part of the financial responsibility and respect for the financial and credit institutions - if we manage to agree on rates – I do not rule out that this activity can be extended,” said Igor Sechin on the sidelines of the meeting of the Presidential Commission for Strategic Development of the Fuel and Energy Sector and Environmental Safety which took place in Kemerovo on August 26, 2013.
The Company’s managers are incentivized to improve Rosneft performance, as well as its operating and financial results. The increase in the charter capital of Rosneft’s top managers exemplifies the confidence in the Company’s further progress and the growth of its shareholder value.