"Golden Parachutes" From State Companies May be Capped
- RIA Novosti
- Oct. 29 2013 00:00
- Last edited 19:16
The government said Monday that it would examine legislation to limit the size of severance payments made to senior executives leaving state-controlled companies.
Under the proposed changes to the Tax Code, the upper limit for "golden parachutes" for top managers in companies in which the state holds more than a 50 percent stake will be restricted to six times their average monthly salary.
The move appears aimed at addressing deep-set public unhappiness over perceived wealth inequality in the oil-rich nation.
Answering a question on a 201 million ruble ($6.3 million) payment made to the departing head of a state-controlled telecommunications giant earlier this year, President Vladimir Putin said in March that limits should be placed on severance packages.