• Corporate Governance Structure
• The General Shareholders' Meeting
• Board of Directors
• Board Committees
• The Executive Body
• Remuneration of the Members of the Board of Directors and the Chief Executive Body of PhosAgro
• Insider Information Policy
• Dividend Policy
• Internal Control and Audit
• Review Committee
• Internal Audit Department
• Risk Management

Dividend Policy

PhosAgro’s dividend policy is based on the following principles:

• shareholders’ interests are to be balanced between the payment of dividends and reinvestment of profit into further development;
• there is to be a transparent and predictable dividend policy that is attractive to investors; and
• the majority of profit is to be used for reinvestment to support the Company’s growth.

A decision on the payment of a dividend, its timing and the exact amount of such a payment is subject to approval of the General Shareholders’ Meeting, based on recommendations provided by the PhosAgro Board of Directors. The Board of Directors’ recommendations depend on such factors as the Company’s earnings, cash requirements, and financial position.

The amount of dividend payments is based on the Company’s net profits for the first quarter, six months, nine months and/or full year calculated under IFRS, and payments are made in relation to these specific periods.

A decision on the payment of an interim dividend is made at the General Shareholders Meeting within three months of the end of the relevant period. If the dividends are approved by the General Shareholders’ Meeting, they are payable to the Company’s shareholders in Russian roubles within 60 days following the decision.

Holders of PhosAgro GDRs are also entitled to receive dividends in respect of shares underlying the GDRs, subject to the terms of their Depositary Agreements.

According to PhosAgro’s dividend policy, the Board of Directors will always try to recommend dividend payments of between 20% and 40% of the consolidated profit for the year attributable to PhosAgro shareholders calculated in accordance with IFRS.

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