MMC Norilsk Nickel’s Dividend Policy aims to balance the interests of the Company and its shareholders, enhance the Company’s investment case and market capitalisation, and ensure respect of shareholder rights.
The decision to pay dividends is made by the General Meeting of Shareholders based on recommendations of the Board of Directors. Under the Company’s dividend policy, in determining the recommended dividend amount, the Board of Directors seeks to make sure that annual dividends on the Company’s shares account for at least 30% of the Group’s consolidated EBITDA.
Dividends are paid to individuals/entities whose rights to shares are recorded in the shareholder register by Independent Registrar Company, MMC Norilsk Nickel’s registrar.
Individuals/entities whose rights to shares are recorded by a nominee shareholder are paid dividends via their nominee shareholder.
In accordance with Clause 9, Article 42 of Federal Law No. 208-FZ On Joint-Stock Companies dated 26 December 1995, any person who has not received the declared dividends due to the fact that their accurate address or banking details where not available to the company or the registrar as required, or due to any other delays on the part of the creditor, may request payment of such dividends (unpaid dividends) during the period of three years from the date of the resolution to pay the same.
|Period||RUB mln||USD mln|
|Period||Declared dividends1||Dividend per share/ADR1|
|RUB mln||USD mln||RUB||USD|
|Total for 2016||140,894||2,339||890||14.78|
|Total for 2015||135,642||2,148||857||13.57|
|Total for 2014||226,668||4,798||1,432||30.32|
|Total for 2013||74,246||2,200||469||13.90|
|Total for 2012||64,430||2,008||401||12.69|
Income from securities is taxable pursuant to the applicable tax laws of the Russian Federation3.
Reduced tax rates or exemptions may apply to individuals and foreign entities who are not tax residents of Russia pursuant to international double tax treaties.
Starting from 1 January 2017, in order to apply for tax benefits under international double tax treaties, foreign organisations must confirm their permanent residence in a state which has a double tax treaty signed with Russia, and also provide the income paying tax agent with a document confirming the right of the organisation to receive such income (Clause 1, Article 312 of the Russian Tax Code).
Should the organisation fail to provide such confirmation by the date of the payout, the Russian tax agent shall withhold the tax at the standard rates stipulated by Clauses 2 and 3, Article 284 of the Russian Tax Code.
|Item||Income from securities transactions, %||Interest income on securities, %||Dividend income on securities, %|