State Program on Federal Property Management

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Presentation transcript:

State Program on Federal Property Management Action plan Key Deliverables Delivery date corporate governance importance increased simplification and streamlining of SOE sector no SUEs by 2018 keep or sell “smart sell” 1. State Program on Federal Property Management approved by Government Feb, 2013 State Property Privatisation Plan for 2014–2016 2. State Property Privatisation Plan approved by Government July, 2013 3. CODE of CG approved by Government and the Central Bank of Russia Agent government appoints global investment banks as agents for privatisation of Top 30 companies leading global investment banks bring a quality expertise and help implement best market practices corporate governance importance increased effective governance April, 2014 Transparency equal access to information on the process mandatory detailed coverage of the privatisation process on the Agent’s website and in the media presentations to a broad list of potential investors Publicity Effective governance through the framework: Guidelines for the BODs Guidelines for the corporate secretary Guidelines for the SOE’s risk management and internal control Dividend policy Predictability Broad investor base (incl. foreign): any investor which meets qualifying criteria (below) is eligible to participate Building blocks & Key principles Competition Criteria a set of criteria is determined for each transaction in order to attract only top investors basic criteria: no government affiliation, no outstanding taxes/or other debts to the government, all appropriate regulatory permits are received, proof of sufficient funds compliance with criteria is supervised by Agents information policy disclosure of achieved KPIs, LTD and etc. Openness

Raise corporate governance standards in SOEs Action plan Key Deliverables Delivery date I Guidelines Guidelines for BOD functionality procedures Assistance to BOD Increase in BODs efficiency Oct, 2013 2. List of Qualification Requirements for SOE BOD candidates Jun, 2014 - Improvement in professional qualification of BOD members 3. Guidelines for SOE Corporate secretary procedures Protect and facilitate execution of shareholders’ rights Communication between BOD and shareholders Oct, 2013 4. Guidelines for: Jun, 2014 4.1. Audit Committee (AC) Describe functions and responsibility of RCs and ACs Aug, 2013 4.2. Revision Commission (RC) Functionality split between RC and AC 5. List of Qualification Requirements for SOE RC members Oct, 2013 - Improvement in professional qualification of RC members II Evaluation of BOD and CG Guidelines on evaluation of SOE BOD members and CG Aug, 2014 Increase effectiveness of BOD members and CG III Strategic planning system 1. Strategy formation and long-term development May, 2014 - Increase SOEs efficiency - Ownership effectiveness Apr, 2014 2. KPI’s system

BOD composition in largest SOEs Number of Professional directors increases consistently Professional directors in BOD of SOEs, average (number of people) BOD composition in largest SOEs Average number of people Professional directors State officials 33 % 66 % 43 % 43 % 3,2 51 51 63 57 57 63 51 51 Number of Professional directors in SOE BODs increases consistently, while the number of state officials steadily decreases We are providing for a step- by- step exclusion of the State officials from SOEs bodies up to 1 September 2015 In 2014 average number of professional directors in BODs of SOEs increased comparing with 2013 from 2.9 to 3.2 % 3