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State representatives to return to Russia’s major companies’ boards — PM Medvedev

April 21, 2015, 16:36 UTC+3 MOSCOW
Specifically, the Russian government has made a decision on creating single treasuries for state companies and their subsidiaries, Medvedev said
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Russian Prime Minister Dmitry Medvedev

Russian Prime Minister Dmitry Medvedev

© Dmitry Astakhov/Russian government's press service/TASS

MOSCOW, April 21. /TASS/. Government representatives will return to the boards of directors of Russia’s major state-owned companies, Prime Minister Dmitry Medvedev said on Tuesday.

Medvedev who presented a report on the government’s work to the State Duma, the lower house of Russia’s parliament, said the relevant decision had already been made.

"The problem of efficiency concerns not only private business but also government corporations and companies with state stakes. Decisions were made to improve their performance," the Russian premier said.

Specifically, the Russian government has made a decision on creating single treasuries for state companies and their subsidiaries, Medvedev said.

The funds that were previously "dispersed" among many accounts should now be concentrated in one "purse," the premier said.

Secondly, state-controlled companies have developed long-term development programs that are focused on state priorities in corresponding sectors, the premier said.

Audit mechanisms with the involvement of independent auditors have been developed for control over these programs, and also clear-cut efficiency indicators have been worked out for managers of state-owned companies and their remuneration, the premier said.

"With regard to a whole number of major companies, a decision was made to return state representatives to exercise coordination of work in the board of directors, taking into account the current situation," Medvedev said.

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