Dividend policy is one of the most important elements of corporate governance, and a key indicator of a company’s adherence to fulfilling shareholder rights.
The main principles of Gazprom Neft’s PJSC dividend policy are:
- Ensuring maximum transparency in determining dividend payments and the procedure for their distribution.
The target level for the payment of dividends on the company’s shares is determined under the company’s dividend policy; such target level being no less than: 50 percent of Gazprom Neft Group net profit (IFRS), with adjustments specified in clause 2.3 of Regulations on the dividend policy.
- Adherence to legislation currently in force in the Russian Federation, as well as the company’s Charter and internal regulation.
Every shareholder included in the Register of Shareholders as at the date determined by the General Meeting of Shareholders at which any decision on the payment of dividends is adopted is entitled to receive dividends. This date, however, cannot be earlier than 10 days from the date of any resolution on the payment of dividends being adopted (and/or publicized), or later than 20 days following the adoption of such resolution.
- Balance between the short-term and long-term interests of shareholders, i.e., between income generation and development of the Company.
- Focus on increasing the investment attractiveness and capitalization of the Company.
- Commitment to ensuring high standards of corporate governance.
The company is committed to ensuring consistent and sustainable increases in dividend payments subject to increases in the company’s net profit. Approved regulations on the dividend policy of Gazprom Neft PJSC can be found on the company’s official website, where information on historical dividend payments can also be found.