Russia's highest-paid top managers work at state-run companies

The official website of Forbes magazine published the results of another research, in which experts of the magazine named the highest-paid top managers in Russia.

Chairman of the Board of VTB Group Andrey Kostin topped the rating of 25 highest-paid CEOs of Russian companies in 2011. The rating has been made for the first time; the minimum remuneration among the participants of the rating made up $4 million, Business FM radio said.

The annual income of Mr. Kostin makes up $30 million. The second and third places on this list are taken by the heads of Gazprom Alexey Miller and the head of Rosneft Igor Sechin. In 2011, they earned $25 million each. The top five also includes Chairman of the Board of Sberbank German Gref, President of the Bank of Moscow, Mikhail Kuzovlev. They were ranked 4th and 5th respectively. Gref and Kuzovlev, according to Forbes, earned $ 15 million each in 2011.

The income received by female CEOs is significantly inferior to those of men. For example, the most successful businesswoman on the list - Gulzhan Moldazhanova - the General Director of Basic Element, with her "modest" income of $4 million for 2011 took only the 23rd position.

According to Vedomosti, in Russia, even public companies do not disclose the amount of the remuneration of their CEOs. The only company that does it is X5 Retail Group. Its former CEO Andrei Gusev in 2011 earned $ 2.9 million ($1.02 million in salary, 1.09 million in a bonus and $0.76 million in an option program).

During the research, Forbes experts interviewed those who select senior executives and studied official reports of major Russian companies. The result has proved to be an interesting one - the highest-paid top managers of Russia are the heads of state-run companies, EuroSMI reports.

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