The main principles of the OJSC Gazprom Neft dividend policy:
- ensuring maximum transparency around the mechanism for defining the level of dividend to be distributed and its payment. The Company has formalized the dividend policy it has been pursuing over the last few years by approving the Regulations of the Dividend Policy;
- complying with the rules of effective Russian Federation law, the Company’s Articles of Incorporation and internal documents. The right to receive dividends is granted to each shareholder listed in the shareholder register as of the date of drawing up the list of shareholders entitled to participate in the shareholder meeting at which it is resolved to pay dividends. The date of registration for depositary receipt holders is set on an individual basis bythe depositary bank (the Bank of New York Mellon);
- commitment to high corporate governance standards. The Company has formalized the principle of ensuring progressive dividend payments linked to growth in net profit. The approved Regulations of the Dividend Policy of OJSC Gazprom Neft is published on the Company’s official Web site together with a history of the Company’s dividend payments;
- commitment to pay dividends as soon as possible. In 2012, OJSC Gazprom Neft fully transferred funds to the accounts of its minority shareholders in August 2012.
By resolution of the annual general meeting of the Company’s shareholders on June 8, 2012, RUB 34.6 billion, or 22% of the consolidated net profit under US GAAP standards, were allocated for the payment of dividends for 2011. This is 1.6 times more than at the end of 2010, and one of the highest rates in the industry.
OJSC Gazprom Neft plans to continue adhering to the principle of ensuring a progressive dividend payment linked to growth in netprofit. As of the end of 2012, 22% of the Company’s net profit, determined in accordance with IFRS standards, have also been allocated for dividend payments.
|
Period |
2007 |
2008 |
2009 |
2010 |
2011 |
|---|---|---|---|---|---|
|
Amount of dividends paid per share, RUB |
5.40 |
5.40 |
3.57 |
4.44 |
7.30 |
|
Total amount of dividends paid on shares of this category, RUB |
25,603,018,051 |
25,603,018,051 |
16,926,439,711 |
21,051,370,397 |
34,611,487,365 |
|
Percent of US GAAP net profit, % |
24 % |
21 % |
20 % |
22 % |
22 % |
|
The issuer’s management body that resolved on the payment of dividends |
General meeting of shareholders |
General meeting of shareholders |
General meeting of shareholders |
General meeting of shareholders |
General meeting of shareholders |
|
The date of the meeting of the issuer’s management body, during which it was resolved to pay dividends, the date and number of the Minutes |
June 20, 2008 Minutes No. 45 dated June 30, 2008 |
June 22, 2009 Minutes No. 47 dated March 7, 2009 |
June 29, 2010 Minutes No. 0101/01 dated July 1, 2010 |
September 6, 2011 Minutes No. 0101/01 dated June 14, 2011 |
June 8, 2012 Minutes No. 0101/02 dated June 14, 2012 |
|
The date by which declared dividends are to be paid |
before May 31, 2009 |
before May 5, 2010 |
before May 31, 2011 |
before August 8, 2011 |
before August 8, 2012 |
|
The form and other terms of payment of declared dividends |
In cash |
In cash |
In cash |
In cash |
In cash |
|
0.013 % |
0.014 % |
0.02 % |
0.12 % |
0.06 % |