Management Board

The Company’s Management Board is a collective executive body responsible for the general management of business operations.

The Management Board acts in the Company’s interests and reports to the Company’s General Meeting of Shareholders and the Board of Directors. Members of the Russian Railways Management Board are appointed by the Company’s Board of Directors, while the Chairman of the Management Board is appointed by the Government of the Russian Federation.

In 2023, the Management Board of Russian Railways held 123 meetings that reviewed and resolved on a number of matters related to the development of the Russian Railways Group.

Remuneration of the Management Board

Designed to improve the effectiveness of individual and collective performance of the Management Board members, the remuneration system relies on the achievement of the Company’s KPIs. The KPI development principles, KPI structure and list, as well as the procedure for approving and monitoring the implementation of KPIs are established in the Regulation on Key Performance Indicators of Russian RailwaysApproved by resolution of Russian Railways’ Board of Directors dated 22 June 2023, Minutes No. 13..

The total remuneration of the Management Board members accrued and paid in 2023 was RUB 1,182.030 m, including RUB 377.563 m in salaries, RUB 475.406 m in incentive payments, and RUB 329.061 m in other payments. No compensations were paid.

For more details on the Management Board’s performance and remuneration, see Russian Railways’ 2023 Annual Report, Management Board section.

For details on the Audit Commission, internal control and audit see Russian Railways’ 2023 Annual Report, Audit and Control section.