Dividend policy


In 2010, the Board of Directors approved the Provision on the Dividend Policy (Minutes No. 114 dated September 3, 2010).

The Company’s dividend policy is based on the following principles:

  • dividends are calculated based on the use of profit excluding the effect of the revaluation of financial investments;
  • the need to support the required level of the Company’s financial and technical status (implement the investment program) and ensure the Company’s development prospects;
  • the compliance of the Company’s practice accruing and paying dividends with the laws of the Russian Federation and the best standards of corporate conduct;
  • the optimal balance of the interests of the Company and its shareholders;
  • the need to improve the Company’s investment appeal and capitalization;
  • ensuring the transparency (clarity) of the mechanism used to determine the amount of the dividends and their payment;
  • dividends on common shares shall only be paid in the event full payment is made for dividends on preferred shares in accordance with the Company’s Charter (if the Company placed preferred shares).

In addition, the Provision on the Dividend Policy stipulates that the recommended amount of dividend payments shall be determined by the Board of Directors based on the Company’s financial performance. At the same time, the Board of Directors aims to ensure positive dynamics in the size of dividend payments to shareholders from year to year.

* Expected to accrue from the date of the decision by the annual general meeting of shareholders.
** Expected to be paid within 60 days from the date of the decision by the annual general meeting of shareholders.
Indicator For results of 2009 For results of 2010 For results of 2011 (plan)
Total accrued dividends, mln rubles 450 1,200 1,218*
Total paid dividends, mln rubles 450 1,200 1,218**
Share of dividend payments in electricity transmission profit, % 14.91 30.71 25.54
Amount of payment per share, rubles 0.0092389 0.0246371 0.0250000