The dividend policy is a critical pillar of corporate governance which shows how the Company observes the rights of its shareholders.
Gazprom Neft’s Dividend Policy aims to ensure maximum transparency for shareholders and all stakeholders on how dividends are calculated and paid out and how the Board of Directors prepares recommendations for the General Meeting of Shareholders on the record date as well as the amount of dividends and the payout procedure.
The key principles that underlie the Company’s dividend policy are as follows:
- Maximum transparency on how dividends are calculated and paid out. The Dividend Policy sets out the minimum dividend amount payable on the Company’s shares, which may not be less than the greater of:
- 15% of Gazprom Neft’s consolidated IFRS financial result; or
- 25% of the Company’s RAS net profit.
- Compliance with the applicable Russian laws, the Company’s Charter and by-laws. Dividends are payable to each and every shareholder appearing on the shareholder register as of the record date fixed by the General Meeting of Shareholders when deciding on the dividend payout. Such date shall be set not earlier than 10 days and not later than 20 days after the adoption of the resolution to pay (declare) the dividends.
- Commitment to the best corporate governance practices. The Company adheres to the principle of ensuring a steady dividend growth subject to the Company’s increasing net profit. The approved Dividend Policy as well as Gazprom Neft’s dividend history are available on the Company’s website.