Richest man in Russia introduces employee stake ownership pr...| MENAFN.COM

Thursday, 29 September 2022 08:26 GMT

Richest man in Russia introduces employee stake ownership program


(MENAFN) According to Vladimir Potanin, the firm's largest stakeholder and Russia's richest man according to the Bloomberg Billionaires Index, the Russian mining giant Nornickel intends to increase the stock shares of people, including its employees, from the current 10 percent to 25 percent of the corporation.

In an interview with the news source RBC, he claimed that “when Norilsk Nickel was privatized, about 25 percent of shares were owned by employees… I would like to restore some historical justice and make sure that 25 percent of Nornickel’s shares are returned to the people, including employees. Part of that will be by endowing our employees with Norilsk Nickel shares in digital form. Part of it will be to support the trend in the market so that people buy them, so that they will be more affordable,”

Nornickel, which today employs about 80,000 people, is the largest producer of refined nickel and palladium in the world. Potanin stated that the corporation’s ten-year corporate initiative, called "Digital Investor," which begins upcoming, is going to incorporate the stock reform. The conditions of the program's share distribution to Nornickel's employees are still being worked out.

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