Board of Directors Backs CEO's Decision to Pay an Increased Bonus to PhosAgro Group Employees on Chemists' Day

Sample article from our Agriculture Industry

MOSCOW , May 18, 2023 (press release) –

At its meeting today, the Board of Directors of PhosAgro, one of the world’s leading producers of phosphate-based fertilizers, approved the CEO's decision to pay an increased bonus to every current employee and veteran of PhosAgro Group in honour of Chemists' Day.

A professional day bonus of RUB 50,000 will be paid to all current PhosAgro Group employees. Veterans of the Group’s enterprises will receive a payment of RUB 10,000 each. The Company will allocate RUB 1.5 billion towards this purpose.

“We are welcoming Chemist's Day with excellent results, as has become our tradition. In the first quarter, PhosAgro increased its agrochemical output by 6.1% year-on-year. This has been made possible thanks to the coordinated work of 22,000 employees who carry out their work with exceptional professionalism every day, ensuring the food security of our country and the world,” said Victor Cherepov, Chairman of PhosAgro's Board of Directors, in his congratulatory remarks to the Company's employees on the forthcoming professional holiday.

PhosAgro CEO Mikhail Rybnikov emphasised that PhosAgro considers its employees to be the Company's main value, and that the Company works to provide them with a comfortable and safe working environment. In 2022-2023, PhosAgro indexed employee salaries by 29%, with average salaries increasing by more than 40%.

All PhosAgro industrial facilities have collective employment agreements with a unified list of benefits and social guarantees for employees. All employees are covered by voluntary medical insurance and have access to health and summer recreation programmes, including for employees' children, as well as being offered a corporate housing programme that is in high demand.

During the meeting, the Board of Directors also reviewed the Company’s financial performance in the first quarter of 2023 and the Company’s consolidated IFRS financial statements for the same period.

The Board heard reports on the efforts of PhosAgro Group enterprises to ensure that regulatory requirements on occupational health and safety were met during the operation of production facilities in 2022 and in the first quarter (1Q) of 2023, as well as reports on the main aspects of ensuring cybersecurity at the Company’s enterprises and the results of the Company’s key risk management monitoring in 1Q 2023.

The Board was also informed about the work of PhosAgro Group enterprises to comply with environmental regulations and to ensure environmental safety, as well as about efforts in the area of energy efficiency in 2022 and 1Q 2023.

The Board of Directors took under advisement information provided by the chairs of the Board committees on their work in 1Q 2023. At the conclusion of the meeting, the Company’s Management Board was reelected without modification and interested-party transactions were approved.

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