22. Share Capital and Treasury Shares
| In billions of Russian Roubles, except for number of shares | 2012 | 2011 | ||||
|---|---|---|---|---|---|---|
| Number of shares, in millions | Nominal amount | Inflation adjusted amount | Number of shares, in millions | Nominal amount | Inflation adjusted amount | |
| Ordinary shares | 21,587 | 64.8 | 83.3 | 21,587 | 64.8 | 83.3 |
| Preference shares | 1,000 | 3.0 | 4.4 | 1,000 | 3.0 | 4.4 |
| Total share capital | 22,587 | 67.8 | 87.7 | 22,587 | 67.8 | 87.7 |
As at 31 December 2012 all ordinary shares have a nominal value of RUB 3 per share and rank equally. Each ordinary share carries one vote. All issued ordinary shares are fully paid. Preference shares have a nominal value of RUB 3 per share and carry no voting rights but rank ahead of the ordinary shares in the event of the Bank’s liquidation. Preference shares are not redeemable. Dividend payments are at the discretion of the Bank. When a dividend is paid, the preference shares attract a minimum payment of annual dividends of 15% of their nominal value, subject to confirmation of the shareholders meeting. If preference dividends are not declared, the preference shareholders obtain the right to vote as ordinary shareholders, but lose this right when the next dividend is paid. Preference share dividends are set at 86.3% of nominal value in 2012 for the year ended 31 December 2011 (2011: 38.3% of nominal value for the year ended 31 December 2010). Preference share dividends rank above ordinary dividends.
On 22 March 2013 Supervisory Board in accordance with the Dividend policy recommended to the General Shareholders Meeting to pay 58.7 billion RUB to shareholders as dividends for the year ended 31 December 2012.
The treasury shares as at 31 December 2012 and 31 December 2011 were as follows:
| In billions of Russian Roubles, except for number of shares | 2012 | 2011 | ||||
|---|---|---|---|---|---|---|
| Number of shares, in millions | Inflation adjusted amount | Acquisition cost | Number of shares, in millions | Inflation adjusted amount | Acquisition cost | |
| Ordinary shares | 56.4 | 0.2 | 5.4 | 32.2 | 0.1 | 4.3 |
| Preference shares | 32.1 | 0.1 | 2.2 | 44.8 | 0.2 | 2.7 |
| Total treasury shares | 88.5 | 0.3 | 7.6 | 77.0 | 0.3 | 7.0 |