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Putin Takes Aim at Golden Parachutes

© RIA Novosti . Alexei Druzhinin / Go to the photo bankRussian president Vladimir Putin
Russian president Vladimir Putin - Sputnik International
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President Vladimir Putin has instructed the government to prepare proposals by July for curbing generous pay-offs to departing executives, including top managers of state corporations, the Kremlin website said on Tuesday.

MOSCOW, April 23 (RIA Novosti) – President Vladimir Putin has instructed the government to prepare proposals by July for curbing generous pay-offs to departing executives, including top managers of state corporations, the Kremlin website said on Tuesday.

Putin called for curbing generous pay-offs (also known as golden parachutes) to departing executives in the same week the head of a poorly performing state-controlled company received a 200-million ruble ($6.4 million) “golden parachute” for resigning.

Long-distance telecoms operator Rostelecom announced in late March that departing chief executive Alexander Provotorov, whose contract with the company was to expire in 2015, would get the bonus when he left.

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

At a meeting of the pro-Putin All-Russia People’s Front, a political umbrella movement, in Rostov-on-Don in March, front members asked Putin to consider introducing caps on resignation bonus pay-outs. Putin warned at that time a cap should not serve as a disincentive for effective top-level managers, however.

 

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