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State Duma approves new status of Russian Direct Investment Fund

May 17, 2016, 21:43 UTC+3 MOSCOW
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MOSCOW, May 17. /TASS/. The State Duma approved on Tuesday in the second and the third (final) reading the draft law changing the status of the Russian Direct Investment Fund (RDIF). According to the law, the RDIF now actually becomes the sovereign fund of the Russian Federation.

Approved norms determine the procedure of transformation of the RDIF into the nonpublic joint stock company, where the Russian Federation will be the sole shareholder. It also stipulates the Russian President will appoint the chief executive of the Fund and members of its Supervisory Board.

The law identifies main objectives, tasks and functions of the Fund, its legal standing and structure of the governance authorities.

The law vests broad powers in the Supervisory Board, such as approval of the budget, annual reports, accounting balance sheets, profit appropriation, approval of individual transactions, decisions on co-financing of investment projects at the expense of the RDIF, and certain other ones, head of State Duma’s Property Committee Sergei Gavrilov said earlier.

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