Dividend policy

Moscow Exchange provides shareholders with an equal and fair opportunity to participate in its profit distribution by receiving dividends.

Moscow Exchange’s Annual General Meeting of Shareholders in 2015 decided to allocate RUB 8.8 bln for the payment of dividends. This amount constituted 55% of 2014 net income according to IFRS.The dividend amount per ordinary share was RUB 3.87. Starting from the moment of its IPO, Moscow Exchange had paid out 8.2% (RUB 17.2 bln) of its market capitalisation as of the end of 2015 (RUB 208 bln) to its shareholders in the form of dividends.

In December 2015, the MOEX Supervisory Board approved a new Dividend Policy that takes into account principles and recommendations of the CBR Corporate Governance Code. According to the new policy, the amount of dividends shall be no less than 55% of Moscow Exchange’s net income calculated based on IFRS statements for the reporting fiscal year. In March 2016, the Supervisory Board recommended that MOEX shareholders approve 2015 dividends of RUB 7.11 per share at their annual meeting. Thus, RUB 16.2 bln is the recommended amount for 2015 dividends, or 58.2% of Moscow Exchange’s net income under IFRS.