Minister Elvira Nabiullina together with the Federal Agency on State Property Management (Rosimushchestvo) held a round table discussion “Institution of Directors-Professionals and the State: Interaction Experience, Efficiency Increase of Further Cooperation”
On October 14, 2011 the Ministry of Economic Development of the Russian Federation and minister Elvira Nabiullina as a chairman held a round table discussion “Institution of Directors-Professionals and the State: Interaction Experience, Efficiency Increase of Further Cooperation.”.
Joint roundtable of the Ministry of Economic Development of the Russian Federation and the Agency on State Property Management was organized to discuss the implementation and development of the institution of directors-professionals in state participated joint stock companies.
The topical issue of the discussion has become the actual challenges of corporate governance, the main tasks posed by the executive authorities to the companies, as well as interoperability issues faced by directors-professionals during their work in the boards of directors.
In her speech minister Nabiullina has drawn the attention of listeners to the fact that, in accordance with the instructions of the President of the Russian Federation on the implementation of priority measures aimed at improvement of the investment climate in Russia, the Ministry of Economic Development of the Russian Federation jointly with the Agency on State Property Management and the industry federal executive bodies carried out a number of activities aimed at removal from the boards of directors of state participated joint stock companies of Vice-Chairmen of the Russian Federation Government, of federal ministers who coordinate the state regulation of the respective activities, and aimed at integration of independent directors and attorneys instead. Besides, in accordance with the instructions of the President of the Russian Federation, the Ministry jointly with the federal authorities conducted activities aimed at the election of boards’ of directors chairmen who are not public employees for more than 580 joint stock companies.
Aleksandra Levitskaya, the Deputy Minister of Economic Development, has identified the main priorities for the Ministry in exercising its powers of the shareholder from behalf of the Russian Federation, that are posed to the state participated joint stock companies, including: advance of corporate governance quality, development of strategic documents, bringing joint stock companies to privatization, improvement of the procurement activities, increase in corporate control executed by the companies’ administration in obtaining budgetary funds.
Deputy Head of the Federal Agency for State Property Management G.S. Nikitin has reported on innovative approaches in the implementation of corporate procedures through the Interagency site for state property management.
Representatives of professional non-governmental organizations and directors-professionals among other issues, taking into account the removal of civil servants from the boards of directors, have proposed to upgrade the interaction process of the state participated joint stock companies and the industry federal authority, including the issues of guidelines formulation.
In summary of the roundtable A. Levitskaya, the Deputy Minister, noted that good corporate governance is the basis for increase of the investment attractiveness of state participated companies, for increase in transparency and information openness of industries where such companies, as a rule, are major players, as well as a clear and transparent mechanism that allows to carry into effect large-scale projects posed to the companies, in accordance with the instructions of the President and the Government of the Russian Federation.
The conference has also been attended by the representatives of federal executive bodies, of leading professional non-governmental organizations and elected directors-professionals from the management bodies of the largest joint stock companies, which have, in accordance with the decisions approved by the President of the Russian Federation and the Government of the Russian Federation, been planned for privatization in the next several years, of companies that are the recipients of budget funds allocated for such companies to implement major projects financed by the state, of companies implementing innovative programs aimed at modernization of the economy in their respective industries.
For reference: According to the results of the annual general shareholders meetings in 2011, the boards of directors of more than 700 companies have elected more than 1,500 directors-professionals (more than 360 independent directors and more than 1,150 professional attorneys).