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четверг, 14 мая 2015 г.

About salaries and productivity

 "Salary inequality" continues to grow Over the last year salaries of top managers of "Gazprom" and other major companies have increased by tens of percent as opposed to the average income of employees.Last year the top managers of Sberbank earned 209 million rubles, "Gazprom" - 150 million and VTB - at 145 million. These data are presented in the financial statements of companies. "Izvestia", having studied the twenty largest domestic companies (from a list of recently published in the journal "Expert" rating of 400 leading companies in terms of revenues by the end of 2014) amounted ranking of salaries of top managers, as well as find out who the owners of the generous not only with regard to leadership.


Research has shown that many of the companies included in the ranking of the income gap between top executives and other workers has increased significantly (however, in 8 out of 20 companies to determine the trend was not possible due to lack of data on the remuneration of board members, the number of employees or because the absence of the Board as a body of operational management). It was in this connection in the summary table are not logged in AFK "System", whose top managers on average per year received 285 million rubles, and "Rosneft".Method of calculation. Among the most highly paid employees of domestic companies "News" take into account the members of the board of the quarterly report. The average income is calculated by dividing the total remuneration of the Board for the year by the number of board members. In companies where there is no rule (Evraz, «Surgutneftegas", "Vimpel - Communications"), we relied on data on the key management personnel of the IFRS. When calculating the income of other workers desired data is calculated by dividing the cost of the staff in its number of statements by international standards. In the case of Railways and Novolipetsk Steel, we compared the performance of income only to Russian accounting standards.In the "Gazprom", and VTB incomes of top managers have increased significantly in the fall in corporate earnings. The gap between the wages of ordinary employees and top management of these companies also rose. Members of the Board of "Gazprom" received an average of 150 million rubles a year - almost 40% more than the year before. The average revenue per employee monopoly fell slightly (1.148 million rubles a year). Apparently, in "Gazprom" we decided that for the decrease in profit by 7 times meet the workers, not the leaders of the enterprise.Members of the Board of VTB Group received an average of 145 million rubles - an increase of salaries "top" 32%. This group profit for last year fell to 125 times. The average salary of other employees rose by only 7%.Senior Vice President of VTB Bank Dmitry Pianoff previously explained that in 2014 the bank paid a premium for members of the board in 2013. Top manager forecast that VTB will reduce the remuneration of the members of the Board at the end of 2014 in 10 times amid falling profits.- In the quarterly report of VTB in 2015 you will see a sharp decline in the remuneration of the Board members. This is due to the fact that we do not expect significant profit VTB Group for 2014. Thus, it is virtually nullify the annual premium of the bank board, - he noted.Another state-owned companies - "Rossetti" - demonstrated in 2014, the biggest even in comparison with private companies income growth of members of the Board (222%). This loss under IFRS while decreased six times, but still amounted to 24.3 billion rubles.- During the first half of 2013 the powers of the Board of "Rossetti" performed management company - FGC, part of the cost of the controls related to the value of the management contract and is not included in the scope of the remuneration of the Board in the quarterly report - said "Izvestiya" representative "Rosset" . - Loss of a fully formed revaluation of shareholdings on the background of falling stock markets during 2014 and is not a factor, controlled by management.Perhaps the only example, when the salary of top managers reduced, and the staff is growing, demonstrated Railways: incomes of top managers have decreased by 23%, but the average wage of employees increased by hundreds of percent.- Yes, and the general level of wages "tops" in the Russian Railways said that the salary policy is much more rational than in other state-owned companies. In a crisis, Railways reduces the cost of management and increase - the rest of the staff. Such a solution can only be welcomed, and put the example of others, - experts say.As the analysis of statements of other public and private companies, the income gap between top executives and other workers, in contrast, increased.The private companies (NLMK, Evraz, X5 Retail Group), in which the difference of income between board members and the rest in 2014 also rose, told "Izvestia" salary increase in bonuses paid to top managers at the end of 2013.According to experts, if the level of wages "privateers" concerned only the shareholders, the trend of a widening income gap in state-owned companies is a minimum of confusion and concern of the whole society. The annual income of the top managers of "Gazprom", VTB, Sberbank 100-200 times more than the average employee of the company.- The amount of income of top managers of companies with state participation are impressive. Typically, links are the fact that these companies in the West, such amounts are common. In fact, a significant number of foreign companies that are referenced, yet are private. There are number of state-owned companies, the state presence in the economy as a whole, much less. The remuneration of top managers of Russian companies to be worthy, but there should be such a difference in income between the top managers of state-owned companies and the heads of federal and regional ministries and departments, - said chairman of the Joint microfinance corporations Paul Segal.General Director of recruitment agency Topcontact argues that the analysis of reports of state-owned companies as "Gazprom", and VTB, may get the wrong impression that the record companies paid bonuses to top managers for a small profit in 2014. In fact, the company paid the 2014 bonuses for 2013, which was pretty good for business.State Duma deputy Oleg Nilov sure that the situation of the growing wage gap between management and the rest of the employees of state companies urgently need to be corrected. He has already proposed an amendment to the Labor Code aimed at reducing the income differentiation between managers and the other employees of enterprises with state shares more than 50%. As a guideline for the remuneration of executives of state enterprises deputy proposed to establish the average monthly income of the Russian President for the previous calendar year, and the ratio of salary to the average salary of the head of the employee to establish in the range from 1 to 8.- In addition to the President, no one is more responsible for the situation in the country, and therefore the reward for this work is the maximum, all others should stand on wages below. If we do the main thing - limit the salary of the president, then all this abyss will be neutralized, - says Oleg Nilov. - The salary of the head of state-owned companies can not exceed eight times the average salary in the enterprise. Do you want to get a big salary, be nice to provide a large salary to all the staff. There are other bindings - for example, to the minimum wage. But it is these steps, which, of course, we must do if we do not want social upheaval between working people and zhireyuschimi managers who have turned on their official salaries in Arab sheikhs.At the beginning of 2015, the Russian government has approved a decree according to which the salary management of federal state unitary enterprises can not exceed the average salary of workers in the 8 times. For sverhsversheniya industry leaders will be able to receive the award.Nilov believes that if Russia wants to build socialism of the Scandinavian type, the regulation of the difference in incomes in the future need to be extended to the private Russian companies. But the state should start with themselves, in order to set an example.- There are such laws apply to all businesses, and there are strict ratios in the region of 5-6 between the incomes of the head and the rest of the employee's income. We need to reduce the gap between the super-rich and the poor people, - said Nilov. Currently, the bill Oleg Nilov is being coordinated in the committees of the State Duma.Another bill that limits the salaries of heads, prepared with the assistance of the Ministry of Labour and Social Development. About it informed the head of department Maxim Topilin. It aims to ensure transparency of remuneration of managerial personnel in state (municipal) institutions, enterprises, economic societies with the state (municipal) participation in the authorized capital over 25%. The project assumes that the marginal wage ratio will be set not only for the heads of the organizations, but also to their deputies, chief accountants and members of executive bodies.Apologists for high incomes of top managers of state companies and the invisible hand of the market like to compare performance of Russian companies with foreign. The difference in income between the top managers and employees of Russian companies turned out to be somewhat higher than that in foreign companies.The British-Australian mining company BHP Billiton, the income gap in the fiscal year 2014 between senior managers and other workers was 24 times, and in the British-Australian Rio Tinto - 41 times.Eldar AkhmadievSource: izvestia.ru
 
The effectiveness of the top managers of VTB

 
During January - February 2015 the Russian banking system as a whole has received 35.8 billion rubles of loss, according to the credit reporting companies, published on the website of the Central Bank (for the same period last year profit amounted to 169.8 billion rubles) .Ubytok after two months received 249 credit institutions in the total amount of 139.9 billion rubles. The negative financial result for the same period last year, the bank showed 221 (up 12.7%), their total loss amounted to 14.5 billion (an increase in annual terms in 9.6 times).
The most significant losses since the beginning of the year recorded VTB (20.6 billion rubles), the Bank of Moscow (18.5 billion), the bank's growth (16.7 billion), FUNDSERVICEBANK (10.9 billion) and Agricultural Bank (9.2 billion ).  


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