February 7, 2013. Improving corporate governance standards at companies with state capital as an important part of state program to make federal property management more efficient was discussed at the Government meeting.
Opening remarks by Prime Minister Dmitry Medvedev:
… We must improve the standards of corporate governance at companies with state capital. There is the perennial issue of attracting independent directors through tenders – we are only just developing this system, and it cannot be said yet that we have a sufficient corps of independent directors. This should be done with due regard for the opinion of the professional community and following international certification of these directors’ qualifications. In future, only professional directors should be offered positions on management boards, which should eventually have no civil servants.
We must approve the key efficiency targets and also medium- and long-term development programmes for such companies. The quality of their corporate governance must only be evaluated by independent assessors.
State-run companies must divest noncore assets more actively. Nearly all state companies, both big and small, have a lot of noncore assets. Some cannot sell such assets because there is no demand, whereas others refuse to divest them. But they must get rid of them to simplify the structure of corporate property and attract additional capital for funding development and technical upgrade programmes. We have set a deadline for this project: 2018. …