Britons who refuse to sever ties with Russia-focused companies net almost £7.5m in annual payments
- Pay packets range from tens of thousands to millions of pounds
- Many are directors at firms the London Stock Exchange took aim at last week
- Institute of Directors: ‘Untenable’ for Britons to stay on boards of Russian firms
Britons who have refused to sever ties with Russia-focused companies netted almost £7.5m in annual payments.
The pay packets, disclosed in each company’s most recent annual report, range from tens of thousands to millions of pounds.
A string of businessmen have yet to step back fully from their work with the country despite a backlash following the invasion of Ukraine.
‘Untenable’: A string of businessmen have yet to step back fully from their work with the country despite a backlash following the invasion of Ukraine
Many are also directors at firms the London Stock Exchange (LSE) took aim at last week – temporarily suspending shares from trading.
Former energy minister Lord Barker, ex-courtier Sir Michael Peat and a member of the Church of England assembly all retain director roles.
The Institute of Directors said it is ‘untenable’ for Britons to remain on the boards of Russian firms. Conservative peer Lord Barker has come under the most criticism for his links with energy giant En+ – an LSE-targeted firm.
The group was founded by the sanctioned oligarch Oleg Deripaska, who is still its largest shareholder. Barker – who was paid £3m in 2020 – is understood to be resigning as executive chairman.
But he will not cut ties with En+ and is reportedly looking to take over parts of the company in a restructuring to distance the group from Russia.
Another Briton on the En+ board is Carl Hughes, who is a House of Laity member for the Church of England. He made £2m from En+ in 2020.
Their stance contrasts with that of Joan MacNaughton, the former deputy chief of staff to Margaret Thatcher who stood down last week, saying the assault on Ukraine had ‘changed irrevocably’ the basis on which she worked at En+.
Evraz is not on the LSE’s list of suspended firms but is highly geared towards Russia.
Sir Michael Peat, Prince Charles’s former aide, was paid £162,000 by the firm last year – and £1.9m since 2011.
Stephen Odell, who earned £103,000, remains on the board, though James Rutherford stepped down last week.
Ian Cockerill, chairman at gold and silver miner Polymetal, netted more than £361,000 as chairman of Polymetal, while Cinven founder Simon Rowlands made £54,000 at MD Medical Group.
Phosagro directors James Rogers and Marcus Rhodes each made over £271,000 in 2020.
Directors in other firms have earned smaller amounts, making the total £7.5m.