Dividend policy

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.

  • transparency: a clear mechanism of dividend calculation and payout;
  • balance: dividend payouts to shareholders along with long-term business development and capitalisation growth for the Company;
  • When calculating dividends, MMC Norilsk Nickel accounts for the cyclical nature of the metals market and for the need to maintain a high level of creditworthiness. Thus, the amount of dividends may change depending on the Company’s operating profit and leverage.

Dividend report

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.

Dividends paid Dividends paid during the above periods, excluding treasury shares.
Period RUB mln USD mln
2016 86,712 1,232
2015 154,227 2,859
2014 159,914 3,281
2013 98,354 2,989
2012 31,014 960
Dividend history For dividend history covering 2011 and earlier periods, please see the website.
Period Declared dividends1 Dividend per share/ADR1
Total for 2016 140,894 2,339 890 14.78
FY 20162 70,593 1,239 446 7.83
9M 2016 70,301 1,100 444 6.95
Total for 2015 135,642 2,148 857 13.57
FY 2015 36,419 548 230 3.46
9M 2015 50,947 800 322 5.06
6M 2015 48,276 800 305 5.06
Total for 2014 226,668 4,798 1,432 30.32
FY 2014 106,031 2,018 670 12.75
9M 2014 120,637 2,780 762 17.57
Total for 2013 74,246 2,200 469 13.90
FY 2013 39,321 1,102 248 6.96
9M 2013 34,925 1,098 221 6.94
Total for 2012 64,430 2,008 401 12.69
1 The discrepancy with the IFRS statements is due to the indicator being calculated at the official Bank of Russia exchange rate on the date of the Board of Directors’ meeting.
2 On 28 April 2017, MMC Norilsk Nickel’s Board of Directors recommended the General Meeting of Shareholders to approve dividends for FY 2016.


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.



  • AT – amount of tax to be withheld from the income of the recipient of dividends;
  • P – proportion of the dividend amount payable to one recipient to the total dividend amount to be distributed;
  • TR – tax rate for Russian entities (0% or 13%);
  • D1 – dividend amount to be distributed among all recipients;
  • D2 – dividend amount5 received by the entity paying dividends, provided that previously these amounts were not included in the taxable income.
3 Chapter 23 (Personal Income Tax) and Chapter 25 (Corporate Income Tax) of the Russian Tax Code.
4 The formula is not applicable to dividends paid to foreign entities and/or individuals who are not tax residents of Russia.
5 Excluding the dividend amount eligible for a zero tax rate pursuant to Subclause 1, Clause 3, Article 284 of the Russian Tax Code.
Tax treatment of income from securities
Item Income from securities transactions, % Interest income on securities, % Dividend income on securities, %
residents 13 13 13
non-residents 306 30 15
Legal entities
Russian companies 207 20 138
non-resident companies 20 20 15
6 If shares or other securities are sold in Russia.
7 Or 0%, if shares (interests) of Russian entities acquired on or after 1 January 2011 are sold, provided that as at the date of their sale the shares (interests) have been owned for over five years and subject to one of the conditions stipulated by Clause 2, Article 284.2 of the Russian Tax Code.
8 Or 0%, if as at the date of the dividend payout resolution a Russian entity has been owning an interest of 50% (and more) in the authorised capital of the entity paying dividends, for 365 days (and more).