Eurasian Resources Group, a leading diversified natural resources group headquartered in Luxembourg, has announced that on their own initiative, Mr Benedikt Sobotka, Chief Executive Officer of ERG S.à r.l., and Mr Aldiyar Kaztayev, First Deputy Chief Executive Officer of ERG S.à r.l., have offered to take a temporary 30% reduction in their salaries.
These measures are due to the unprecedented challenges that the global community is facing as a result of the coronavirus pandemic and are closely linked to the subsequent sharp drop in metal prices.
The Group’s top managers expressed confidence that the crisis would be resolved in the near future, noting that metal and mining companies provide products which will undoubtedly play a crucial role in the recovery of the global economy. They emphasised that, thanks to preventive measures taken by the Group, it has ensured the smooth running of operations despite the challenges associated with the coronavirus in the countries of ERG’s presence.
The Group has sufficient reserves, excellent resources and competitive advantages, which will enable it to fully exploit future opportunities and growth prospects when the metals and mining business returns to ‘normal’.
The utmost priority of ERG’s executive team is the safety of the Group’s people and overall responsibility, leading by example and supporting efforts to provide stability to the business and strengthen its competitiveness under any potential macroeconomic scenario.
Mr Sobotka’s and Mr Kaztayev’s offer to reduce their salaries was accepted for a period of 12 months with immediate effect. This initiative has already been supported with similar actions by other top-managers at ERG.