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. Last Updated: 07/27/2016

VTB Plans Executive Options Program

VTB is planning to start an options program next year for about 100 of its executives, first deputy chief Vasily Titov said in an interview with Interfax.

“We didn’t take bonuses for 2008 and 2009. That applied to all of the top management. Nonetheless, we believe it’s essential to stimulate the leadership to increase the bank’s capitalization. … An options program … will be discussed with the supervisory board and, we expect, launched next year,” Titov said.

“The topic of bonuses is a bit overheated in Russia now, but we believe that there should be an options program,” he said Wednesday. “Managers should be responsible for … the results of their work, and they should only get the shares after two or three years.”

A VTB spokesman said the number of executives was not settled, but that it would not include the supervisory board. He declined comment on the size of the shares intended for the program.