LSR Group Board of Directors approves Long-Term Employees Motivation Program
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18 December 2018
On 14 December 2018, the Board of Directors of the LSR Group (LSE: LSRG; MOEX: LSRG), approved new Long-Term Motivation Program (LTMP) for the Company's key employees.
The new LTMP is set for the period of 5 years between 2019 and 2023 and will cover 150 employees. The LTMP’s aim is to help achieve the LSR Group’s long-term financial and strategic objectives, as well as preserve the core management team while aligning its interests with the interests of the shareholders.
'The newly approved program complies with the best international practices in this field and should lead to further improvement of the corporate culture and motivation system', stated Mr. Andrey Molchanov, Chairman of the Board of Directors of the LSR Group. 'The new motivation program is an important step in the company's development that will be essential to the implementation of its long-term growth strategy, as well as the improvement of its efficiency. We are certain that this decision of the Board of Directors will help strengthen the LSR Group's position as the market leader'.
The LTMP will include up to 3% of the Company’s share capital. Having accomplished the key strategic objectives, LTMP members will be subsequently rewarded with the Company's shares. Most of the shares for the LTMP have already been acquired by the LSR Group in the open market.