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Putin Moves to Cap Large Resignation Pay-Outs

© RIA Novosti . Ruslan Krivobok / Go to the mediabankVladimir Putin speaking at meeting of the All-Russia People’s Front in Rostov-on-Don
Vladimir Putin speaking at meeting of the All-Russia People’s Front in Rostov-on-Don - Sputnik International
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Russian President Vladimir Putin called on Friday for curbing generous pay-offs to departing executives in the same week as the head of a poorly performing state-controlled company received a $6.4 million “golden parachute” for resigning.

ROSTOV-ON-DON, March 29 (RIA Novosti) – Russian President Vladimir Putin called on Friday for curbing generous pay-offs to departing executives in the same week as the head of a poorly performing state-controlled company received a $6.4 million “golden parachute” for resigning.

Speaking at meeting of the All-Russia People’s Front, a broad umbrella movement of public associations, Putin said Russia should consider introducing caps in line with planned initiatives in other countries.

Putin warned that the cap should not serve as a disincentive for effective top-level managers, however.

Long-distance operator Rostelecom announced on Wednesday that departing chief executive Alexander Provotorov, whose contract with the company was to expire in 2015, would receive a 200 million ruble ($6.4 million) bonus for his resignation.

That has drawn criticism, including from within the ranks of the ruling United Russia party.

“What is he, a Nobel Prize laureate?” party general council member Valery Trapeznikov asked Putin on Friday.

Norilsk Nickel chief executive Vladimir Strzhalkovsky, a former KGB colleague of Putin’s, was in December granted around $100 million after stepping down, according to the Vedomosti business daily.

 

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