Olga Dergunova: By means of new index created in cooperation with Moscow Exchange we will be able to compare state-owned corporations of different economic sectors


On the 2 of October Deputy Minister of Economic Development of the Russian Federation – Head of the Federal Agency for State Property Management Olga Dergunova took part in panel discussion «Is the state an efficient manager? Improving governance at state-owned companies» within the framework of International Investment Forum Sochi-2015.

Deputy Minister noticed that in 2014 there were made a few important steps in changing attitude about structure of work with state-owned companies. According to her strategic documents with road map for companies, medium-term documents and long-term development programme. «Long-term development programme involve innovative development programme, investment programme and above all things it is based on financial model that is presented for companies, the Federal Agency for State Property Management and federal authorities», - said Olga Dergunova.

She told, that system of key performance indicators provided method for achieving aim and measurable results that are connected with compensation and reward for management. «2015 is the first point that shows achieved results, harmonization of financial model and as to whether it needs to be redesigned next year, – noticed representative of the Ministry of Economic Development. – 2016 is the second point that will show whether we established realistic goals, whether it was achieved and exactly how we could control the process».

Olga Dergunova told that the Federal Agency for State Property Management view pursuing established goals and visual and public reflection for wider group of investors as resources of state-owned companies effectiveness.

She mentioned sequence of stages. The first thing that needs to be done is not only demonstration of intentions but activity in that process. The second one is facilitation that means decrease in levels of management and in objects to be managed inside large vertically integrated structures. The next huge step is personnel work, achievement, issuing a statement of reward and making connection with the indicators. This is the most complicated process for which we should fight. «We have precise information on key indicators used on different level of management, but we don't have precise information on impact of it on management reward», - said Deputy Minister.

«We decided not to hide the fact that we have a large segment of state-owned companies and together with Moscow Exchange published index for state-owned companies segment», - noticed Olga Dergunova. In this case index means always capitalization that depends on actions of management and external circumstances. «We will be able to compare state-owned corporations of different economic sectors, - underlines Deputy Minister. – It is very important for us because when we learn to make connection with management reward we should give an answers to the questions who is better, who is worse and why is it so».

According to her there is a great scope for improvement of cooperation between line ministries and stakeholders. Under development method for key performance indicators include different approaches to banks and business. There is a special set of KPI. «We use special indicators, financial or corporative, that we observe but sector statistics is kept by line ministries» - said Olga Dergunova.

«It would be desirable that each ministry reminds and says companies: you will redesign your long-term development programme, how your strategy redesigns this day – and runs to us with the words immediately to the board of directors, let discuss it. But it doesn’t happen the way we want», - concluded Deputy Minister.