Russia's highest-paid top managers work in state companies — Forbes
Evgeniya Chaykovskaya - Moscow News - themoscownews.com - 11.19.12

Russian state companies have the highest-paid top managers, according to a list published by Forbes magazine.

The magazine put VTB's chairman of the board, Andrei Kostin, on the top spot with earnings of $30 million in 2011, with $194 million spent on payments to all key managers.

He is followed by the head of Gazprom, Alexei Miller, and Rosneft's Igor Sechin, who the experts think earned $25 million each.

Fourth place was occupied by head of Sberbank, German Gref, and Bank Moskvy president Mikhail Kuzovlev, who earned $15 million each, according to Forbes.

Head of the big three mobile companies also made the list. MTS president Andrei Dubovskov was 12th, Vympelkom CEO Anton Kudriashov was placed 14th and Megafon CEO Ivan Tavrin was in 24th spot.

The only woman in the list was Basic Element's Gulzhan Moldazhanova, whose earning of $4 million took her to 23rd place in the list.

Forbes studied the companies' official reports, talked to recruitment consultants and included bonuses, profit share and possible payments abroad in their calculations.

VTB denies the figures

VTB spokesman, however denied that Kostin made this much money, Prime reported.

"The little-transparent method of the experts' calculations that were made in this edition has entered the treacherous waters of speculations and assumptions. It can be said that the number is taken 'off the wall.' According to the issuer's report for 2011, all the board of VTB bank, headed by Kostin, received almost 608 million rubles," VTB said.

"According to Forbes' logic, VTB board members must pay for the honor to work in the same team as Kostin," he added.

"It seems that Forbes thinks that Andrei Kostin and (head of Bank Moskvy, member of VTB Group) Mikhail Kuzovlev together earned almost a quarter of all their colleagues' income. Such logic is absolutely incorrect both in terms of accounts and, more importantly, common sense."

Keywords: Russia, Economy, Business - Russia, Government, Politics - Russian News - Russia - Johnson's Russia List

Russian state companies have the highest-paid top managers, according to a list published by Forbes magazine.

The magazine put VTB's chairman of the board, Andrei Kostin, on the top spot with earnings of $30 million in 2011, with $194 million spent on payments to all key managers.

He is followed by the head of Gazprom, Alexei Miller, and Rosneft's Igor Sechin, who the experts think earned $25 million each.

Fourth place was occupied by head of Sberbank, German Gref, and Bank Moskvy president Mikhail Kuzovlev, who earned $15 million each, according to Forbes.

Head of the big three mobile companies also made the list. MTS president Andrei Dubovskov was 12th, Vympelkom CEO Anton Kudriashov was placed 14th and Megafon CEO Ivan Tavrin was in 24th spot.

The only woman in the list was Basic Element's Gulzhan Moldazhanova, whose earning of $4 million took her to 23rd place in the list.

Forbes studied the companies' official reports, talked to recruitment consultants and included bonuses, profit share and possible payments abroad in their calculations.

VTB denies the figures

VTB spokesman, however denied that Kostin made this much money, Prime reported.

"The little-transparent method of the experts' calculations that were made in this edition has entered the treacherous waters of speculations and assumptions. It can be said that the number is taken 'off the wall.' According to the issuer's report for 2011, all the board of VTB bank, headed by Kostin, received almost 608 million rubles," VTB said.

"According to Forbes' logic, VTB board members must pay for the honor to work in the same team as Kostin," he added.

"It seems that Forbes thinks that Andrei Kostin and (head of Bank Moskvy, member of VTB Group) Mikhail Kuzovlev together earned almost a quarter of all their colleagues' income. Such logic is absolutely incorrect both in terms of accounts and, more importantly, common sense."