Lukoil Board Recommends 2015 Dividends
Russia's No.2 oil producer Lukoil said on Monday its board had recommended paying 177 roubles ($2.68) per share in dividends on 2015 results in total, including interim payouts.
The cut-off date for determining which shareholders are eligible to receive dividends was proposed as July 12, 2016.
Last year, Lukoil, a publicly listed company co-owned by its senior management including billionaire Chief Executive Vagit Alekperov and Vice-President Leonid Fedun, paid 154 roubles per share in annual dividends.
Lukoil also said it had introduced changes to its dividend policy, including a resolution to pay no less than 25 percent of net profit under International Financial Reporting Standards (IFRS) in dividends.
This is up from no less than 15 percent previously under either IFRS or U.S. generally accepted accounting principles (GAAP).
Lukoil said its net income, calculated as the basis for the dividend payout, could be adjusted by the amount of non-recurring losses and gains.
The company said it planned to increase each year the level of dividends per share by no less than the rate of rouble inflation in the reporting period.
(Reporting by Jack Stubbs; Writing by Vladimir Soldatkin)
