3.7. Global Dividend Reinvestment Practice: Outlook for Implementation in Russia

Wednesday, May 19
17:45 - 18:45

Channel 2
Live Stream

Track: 3. ESG. Investments
Discussion session

Within the key development areas of the Russian financial market in 2019-2021 the Bank of Russia is actively discussing new initiatives in key development and regulation areas of the Russian securities market aimed at ensuring sustainable growth of the domestic securities market.

The Dividend Reinvestment Plan (dividend payment as stock dividends or Dividend Reinvestment Plan, DRIP) emerged in the late 1920s in the US and gained global popularity due to a new class of shareholders interested in long-term ownership of shares and in raising fixed capital by issuers. Over 1,100 companies in the US have launched their DRIPs. Many Americans use DRIP programs to create college funds for their children and grandchildren. Besides being an excellent vehicle for long-term savings, DRIP programs allow the younger generation to learn the importance of investing in the stock market (to increase the financial literacy of the population). Several DRIP programs, including Exxon-Mobil and Texaco, even allow investors to give shares to another party as a gift through their DRIP programs.

The use of DRIP programs by Russian issuers can contribute to the development of the financial market, including: 

  • urther stimulation of investment in the Russian economy (with mass involvement of retail investors, improving the efficiency of services);
  • development of retail investment vehicles and promoting financial literacy in the population;
  • expanding the instruments of the Russian securities market (including the segment of long-term investments), refining investment mechanisms;
  • increasing the stock market liquidity by creating additional demand for shares through the program.

The Russian legislation does not prohibit dividend payment as stock dividends. So why are there no DRIP offer on the Russian market?

Questions for discussion

  1. What are the pros and cons of DRIP?
  • DRIP is a new instrument for long-term investment in the securities market; is this instrument attractive for retail investors and professionals in the securities market?
  • does DRIP affect the investment attractiveness and liquidity of the issuer's securities?
  • what are the advantages and disadvantages of the DRIP concept?
  1. International experience of DRIP implementation
  • What global majors have instituted DRIP programs? Is there a risk of a decline in interest in DRIP due to the development of digital investment systems? What are the required documents for DRIP? What shares does the issuer use to pay dividends? DRIP administrator role and costs of the issuer and the DRIP administrator client? Does DRIP affect the issuer and the investor?
  1. How does the regulation of the Russian securities market need to be changed to introduce the mechanism of issuer's dividend reinvestment into the issuer's shares?
  • What changes in legislation are needed for the proper functioning of DRIP in Russia (including the Federal Law On Joint Stock Companies, the Federal Law On the Securities Market and/or regulations of the Bank of Russia).
  • What legislative changes could underpin the demand for this vehicle (including personal and corporate income tax benefits for individuals and entities participating in the DRIP program).



Tamara Merebashvili

Deputy Director General, Head of the Corporate and Property Relations Unit, Corporate Secretary, PJSC Inter RAO


Nataly Loginova

Head of Department, Issuer Relationship Management, Moscow Exchange


Natalia Loginova joined the Moscow Exchange team in 2020. 

30 years of professional experience in corporate finance and capital markets, leading positions in large companies such as Sberbank, VTB, PSB, MMC Norilsk Nickel and organizing a significant number of transactions with debt and equity instruments on local and international markets.

Ayuna Nechaeva

Head of Europe, Primary Markets, London Stock Exchange Group


Ayuna is Head of Europe, Primary Markets and Co-Chair of LSEG’s Women Inspired Network UK Chapter. She was appointed to the role in 2018 having previously held a number of positions in Primary Markets, including Head of Russia & CIS.

Ayuna has brought many high-profile IPOs and listings to London Stock Exchange to help build a portfolio of over 200 listed issuers worth c. $1 trillion.

In her capacity as Co-Chair of LSEG’s Women Inspired Network UK Chapter, Ayuna champions gender equality and plays an active part in LSEG’s Diversity & Inclusion work.

Outside LSEG, she serves as Chair of TheCityUK’s Eurasia Market Advisory Group and Member of TheCityUK’s International Trade & Investment Group.

Ayuna was featured in Management Today’s 35 under 35 Women in Management in 2017.

In 2018, she was shortlisted for the Asian Women of Achievement Award in Business category.                  

Ayuna holds a Master’s in International Business from Grenoble Graduate School of Business and MA in Linguistics & Intercultural Communications from the Moscow State University.

Nedezhda Portnyagina

Head of the Investor Rights Enforcement, Corporate Relations Department, Bank of Russia

  • Head of the Investor Rights Enforcement, Corporate Relations Department, Bank of Russia.
  • Secretary of the Advisory Council for Corporate Governance, Bank of Russia.
  • Member of the of Shares Issuers Committee, Moscow Exchange.

Denis Spirin

Corporate Governance Director, Prosperity Capital Management

Oleg Tsvetkov

Corporate Secretary - Head of the Corporate Secretary Service, Sberbank


Corporate Secretary -  Head of the Corporate Secretary Service, Sberbank

Member of the Advisory Council on Corporate Governance, Bank of Russia


  • September 12th, 2014 to present: Corporate Secretary of Sberbank—Head of the Corporate Secretary Service
  • July 2011 to present: Chairman of the Board of Russian public organization 'National Association of Corporate Secretaries'
  • 2006 - 2014 - Corporate Secretary, Head of the Corporate Relations Department, OJSC Severstal
  • 2000 – 2006 – Corporate lawyer, OJSC Severstal


  • 2000 – Moscow State Law Academy, majoring in Legal Studies
  • 2002 – PhD in Philology (English)
  • 2008 – Business School at the Northumbria University (UK), MBA
  • 2017 – International Directors Certification Program IoD Chartered Director (UK Institute of Directors), Dip Iod Certificate


  • 2008 – Winner in the category 'Corporate Secretary' of the National Award 'Director of the Year'
  • 2016, 2019 – Winner in the category "Best Corporate Governance Director" of the national award 'TOP-1000 Russian Managers' 

* The Programme may be subject to change