"Golden parachute" - who is supposed to pay compensation. The size of the "golden parachute"

In the lexicon of Russian business, a relatively new term appeared - the "golden parachute". What is this phenomenon? What are the prospects for its further popularization among Russian entrepreneurs?

Why a parachute and why gold?

The term "golden parachute" came from English - there the phrase "Golden Parachute" means an impressive compensation (usually to the top manager) if the employment contract is terminated. "Parachute" - because when dismissing a person is guaranteed a "soft landing", and "golden" - because the figures in such agreements are sometimes just astronomical, sometimes they are estimated at millions of dollars. Compensation can also have an indirect format when the employee being dismissed gets access to the company's shares at preferential prices. The question is, what is the benefit of the company from such generosity?

The answer is simple: the "golden parachute" allows you to protect the business from acquisitions. The company intending to buy out competitors' shares will think very well before doing this - possible payments to managers sitting on the "golden parachutes" can become an unbearable financial burden. Of course, there is also a loophole for corruption - managers who signed "golden" contracts can deliberately help competitors absorb their employer. However, if a competent lawyer worked during the drafting of the employment contract, you can write down the points that protect the business from such tricks. In addition to the "gold", the world practice knows "silver" (they are received by mid-level managers) and "tinny" (paid to ordinary employees) parachutes.

With the "golden parachute" - to retire

One of the largest Russian firms on financial turnover is Gazprom. "Golden parachutes" as a phenomenon are not alien to this company, but the practice of their application in the "gas giant" has a rather mild form - it is mostly pension payments, which are received by employees with many years of experience at the conclusion of their work.

However, as it was written in some media, "Gazprom" can significantly reduce its "golden" social network - for example, in some regions where the concern operates, the length of service required for a "retirement gold parachute" has ceased to take into account the period of work in other companies . Some experts believe that such a policy of the "gas giant" is the result of the President's address concerning the reduction of expenses in this firm, a controlling stake that belongs to the state. There is also a version that the heads of Gazprom's subsidiaries themselves are not against the revision of measures of social support for employees.

"Golden Parachutes" and Russian reality

The economy of our country was built in extremely difficult conditions. Therefore, the "golden parachutes" in Russia inevitably acquired a national specificity. First of all, because they appeared as a notable phenomenon relatively recently: it was only in 2009 that the Federal Financial Markets Service issued an amendment to the law "On Joint Stock Companies", according to which an item on compensations for the termination of an employment contract appeared in senior positions.

Therefore, the legislative regulation of "parachutes" is complicated by the fact that the practice of charging "golden" bonuses in Russia is very young. Some experts note: the payment of compensation to top-managers is not always carried out within the framework of "white" schemes. This is typically a Russian problem. Very often, real figures regarding the size of the "parachutes" remain a mystery - in the contract one values are prescribed, and the person receives absolutely different money on hands.

Judge's word and opinion of the public

In the Russian judicial practice, there is a precedent of recognition of payments for "golden parachutes" unauthorized. At the same time, this fact caused a wide public response. To receive an amount of several million rubles in connection with the early termination of employment, Rostelecom's top manager, Alexander Provotorov, was supposed to. The "golden parachute" for him, appointed by the telecommunications giant, caused a tangible resonance in the business community.

The company's shareholders filed a lawsuit against the court against this decision (it was taken by the board of directors). The outcome of the hearings - the appointment of payments was declared incompetent. True, this judgment was appealed. But the most important thing in this story is that the widest sections of the public have learned what a "golden parachute" is. "Rostelecom" involuntarily contributed to this. Representatives of the highest echelons of power expressed their opinion on the huge payments for the dismissals of top managers.

About the "golden parachutes" through the mouths of activists

Work on the law, signed by the president, began on the initiative of activists of the political association "People's Front". It is believed that it was during the meeting of the organization's publics with the president that the question of the necessity of state intervention in the disposal of the financial resources of state companies was raised. In connection with the above mentioned fact of charging the "golden parachute" in the amount of 200 million rubles, Alexander Pravatorov from Rostelecom was expressed by bewilderment. The Russian president supported these sentiments.

It was planned that the size of the "golden parachutes" would be limited to 6 salaries, but the State Duma deputies favored a significantly larger restriction - three average monthly payments. People's Front activists are planning to lobby for new laws, including those that will limit the size of the maximum monthly earnings not only for top-managers of state-owned companies, but also for employees of all levels.

Parachutes under the control of the state

The State Duma, responding to public initiatives, approved a bill that would limit the amount of benefits for dismissing people occupying top management positions in state (and municipal) companies with three salaries. A full cancellation of the "golden parachutes" along with that legislators was not considered. In early 2014, the Russian president signed a law that limits the payment of "golden parachutes" to top-managers of corporations, the controlling stake of which belongs to state structures. Thus, the initiative of the Federal Service for Financial Markets received additional legislative regulation. In some media there was information that restrictions on the payment of "golden parachutes" could also affect state off-budget funds. Also, the compensation limit for dismissal may affect not only the directors of state organizations, but also accountants and participants in supervisory boards.

To catch up and overtake Rostelecom

Even before the resonant case with the largest telecommunications corporation of Russia, some market players controlled by the state controlled the controlling stake, did not hesitate to indulge their top managers with "golden parachutes". So, there are facts when senior executives in large energy companies received considerable payments (sometimes figures exceeded 130 million rubles). The precedent associated with the "golden parachutes" in Rostelecom, as experts say, may not affect the segment of private corporations. There are examples when general directors of the largest metallurgical firms received on dismissal payments in the tens of millions of dollars. In 2010, when a controlling stake in Uralkali changed owners, several senior executives resigned from the company. One of them received compensation in the amount of more than 200 million rubles.

"Parachutes" - an international phenomenon

Experts calculated that the average size of the "golden parachutes" in the US is about 12% of the profit that the company receives for the year (which is approximately 1.7% of the company's share price). However, after the crisis in 2008-2009, countries with the world's largest economies adopted a number of resolutions implying restrictions on such payments (although, in the original formulation, with reference to the top management positions of banks).

The G-20 countries, including Russia, pledged to develop criteria for assessing the work of managers of credit institutions, so that there are no cases when the bank is unprofitable, and the director drives a Mercedes. However, this initiative, as experts say, still has a recommendatory nature. Position G20 is quite explainable - in crisis years, despite the fall of markets and the ruin of banks, managers of some financial institutions received very large bonuses after their dismissal.

Europe against the "parachutes"!

In Switzerland - in the main "banking institution" of the world - "golden parachutes", as one of the referendums showed, is not in high esteem. Citizens spoke out for the fact that salaries and bonuses to the heads of large firms were limited. And such a phenomenon as compensation for dismissal, at all. The idea to hold a referendum in the country appeared under the influence of the global crisis. Low performance indicators of corporations and banks were conspicuous against the background of huge salaries of managers. Among the pharmaceutical companies, there was a precedent for paying the former president of the company $ 80 million as a "golden parachute". In response, he promised not to get employed in competitive firms.

The Swiss public nicknamed the high-paid top managers "fat cats." Experts note that the parliament and the government of Switzerland do not support the mood of the public, which can translate into a separate bill on "golden parachutes." This, according to the authorities, can reduce the competitiveness of the state, provoke the migration of talented people who can manage. But there are also supporters of the initiative, noting that investments in Switzerland will go just as actively, as firms will pay stable dividends to shareholders instead of spending money on the next "golden parachute".