print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
 
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line


Get updates



Home  Issuers' Corner  Press Releases  Financial Corporation "Sistema" REGISTER LOG IN

Press Releases > Financial Corporation "Sistema"  all about the company

company search
all press releases
all Financial Corporation "Sistema" press releases

Financial Corporation "Sistema"

December 28, 2007

Sistema launches long-term incentive program

Moscow, Russia - December, 28 2007 - Sistema (LSE: SSA), the largest diversified public corporation in Russia and the CIS, announces the launch of the long-term incentive program for its employees.

The program will encompass up to 110 top and middle managers of Sistema. Participants will be entitled to exercise their rights granted under all of the below-mentioned plans during one year following the expiration of a three-year period from the execution date of the respective agreement.

Under the plans for the Phantom Stock of Sistema and Phantom Stock of its public subsidiaries there will be distributed 20,000 phantom shares of Sistema, 996,000 phantom shares of MTS, 1,190,500 phantom shares of Comstar, 37,600 phantom shares of Sistema Hals, and 45,455,000 phantom shares of Sitronics. The total amount of the remuneration linked to the phantom shares of Sistema and its public subsidiaries will be based on the market value of the companies' shares at the time of exercise of any rights by the program's participants.

Under the Stock Option plan for ordinary shares of Sistema's non-public subsidiaries the Corporation allocates certain parts of its stakes in the charter capital of the subsidiaries. The following table sets out the total number of the issued ordinary shares of the non-public subsidiaries of Sistema allocated for the purposes of the Stock Option plan:

 

Name of the company

The aggregate part of the issued charter capital allocated for the stock option purposes

JSCB "MBRD"

2.2%

OJSC "Detskiy Mir-Center"   

2.5%

OJSC "Sistema Mass-media»

2.5%

OJSC "VAO Intourist"

4.0%

Concern "Radiotechnical and Informational Systems", JSC

5.0%

CJSC Medsi Group of companies

5.0%

CJSC "Binnopharm"

5.0%

Under the Sistema's Stock Bonus plan the total amount of Sistema's treasury stock currently being allocated for the plan purposes is expected to be 0.1% of the issued share capital of Sistema.

Besides that the Sistema's Board of Directors may grant additional Sistema's stock bonuses for top and middle managers of Sistema as an individual annual incentive.

Commenting on the launch of the program for Sistema's managers, the President of Sistema Mr. Alexander Goncharuk said:

«One of Sistema's priorities is the attraction and retention of the best managers and professionals in the market. This program will enable us to enhance monetary motivation of our current and new employees. Sistema has always been one of the most attractive employers in Russia and thanks to this program is going to strengthen its position in the labor market».

 

 

 

Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D F G H I K L M N O P R S T U V W X Z


Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer