Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Sechin's $50M Makes him Top Earner at State Companies

Excutives of state-owned companies occupied the top 3 positions, with Sechin of Rosneft on top. Igor Tabakov

Igor Sechin, former deputy prime minister and head of state-run oil company Rosneft, became the highest-paid executive in Russia by earning $50 million last year, according to a Forbes Russia list published Thursday.

Second and third place on the list of the 25 highest-earning executives in the country, are held by the chiefs of two other state-controlled companies — VTB head Andrei Kostin, who earned $35 million, and Gazprom CEO Alexei Miller, with $25 million of income in 2012.

Top managers' paychecks at Russia's state-run companies significantly increased in 2012, while the pay at private companies remained virtually unchanged or decreased, Forbes reported.

The combined earnings of 13 heads of state-controlled companies in 2012 is $226 million, up from the $147 million earned by 11 state-controlled company chiefs on the previous year’s list.

The earnings of the chief executives of the top 12 private companies on the list totaled $97 million, falling $2 million from a year before.

In 2011, Kostin topped the Forbes list with $30 million of earnings, while Miller and Sechin placed in second and third with about $25 million each.

Forbes said it had examined the financial statements of 70 Russian companies that reported the country's highest earnings and combined the information with interviews to calculate each executive's compensation.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more