1. 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

2. 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

3. 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