The implementation of Dmitry Medvedev’s idea about having just a single bureaucrat in the BODs of state corporations is questionable.
Photo: Alexander Miridonov
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Govt Companies Stripped Of Govt Service
Russia's government has set to replacing by independent directors the bureaucrats in the BODs of state corporations. President Dmitry Medvedev had first voiced the idea during the election campaign in February. First Vice Premier Igor Shuvalov is to name today nine companies for this purpose. Amid them are such giants as RZD, Transneft, Sheremetyevo, AIZhK and Sovkomflot.
The RF Economic Development Ministry has passed to the government this week the lists of independent directors that will enter new BODs of the state corporations instead of the bureaucrats, said a source familiar with the progress in the board-of-directors reform.
The first stage of reform will cover only the companies with 100-percent ownership of the government. “It is the list of those, who will enter BODs of the state corporation. It has been sanctioned by Rosimushchestvo, as the Russian Federation is the sole holder,” said Ivan Oskolkov, who heads the corporate management department at the Economic Development Ministry.
According to the sources, First Vice Premier Igor Shuvalov will announced today the names of officials put forward to the BODs. Shuvalov will do it during the conference dedicated to independent directors and held at the Strategic Development Institute.
The list includes Russian Railways (RZD), Transneft, Rosselkhozbank, Sheremetyevo International Airport, Housing Mortgage Agency (AIZhK), Sovkomflot, SG-Trans (operator of LNG railway deliveries) and Roskhimzashchita.
It was Vice Premier and Rosneft CEO Igor Sechin that explained Wednesday why the list omits companies, which the government doesn’t own in whole. “Speaking about spurts in these big companies is difficult, as nowadays, Rosneft has nearly 15,000 individual holders. Besides, it has liabilities to big holders. This work [introduction of independent directors] will be carried out, but carefully, without triggering the capitalization decline.”
Dmitry Medvedev first voiced the idea of replacing bureaucrats by independent directors in the BODs of state corporations when he addressed Krasnoyarsk Economic Forum February 15. Shuvalov publically developed the initiative in June, and the president said a week ago that a single bureaucrat, the BOD chairman, would be enough in the state corporation’s BOD. Independent directors will be sanctioned to vote on the better part of the issues (but for the new stock release) without any directives of the government, representatives of Economic Development Ministry specified.
www.kommersant.com
All the Article in Russian as of July 11, 2008
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