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The Ministry for Economic Development has sent a letter to top-managers of state-controlled corporations which contains a set of amendments to the law “On commercial organizations” to be possibly discussed soon.

Those are preliminary drafts at the moment - they aren’t “official” enough to be presented to the government yet – but already it is something. Those proposals will form a base for further reform of the law on Dmitry Medvedev’s request (the president asked the ministry to change the current organization form of entities under the government’s control).

There are 16 proposals, developed by the Ministry for Economic Development. If those are approved, employees of state-controlled companies won’t be allowed to participate in governance boards of commercial entities (if being paid for that), to engage into entrepreneurship, to purchase financial securities, to receive gifts presented as a compensation for their duties, and other. Dmitry Stepanov (the partner of the law firm “Egorov, Puginsky, Afanasiev and partners”) reminds that similar requirements are already in effect for the ones who serve in government authorities. Those amendments are designed to prevent conflicts of interest: employees of such companies should be motivated by their main corporation’s interests and not by interests of other subsidiaries.

State-controlled companies receive assets from the governments, but most of them have purely commercial goals. The government’s wish to treat their employees equally with the government’s official servant is quite understandable, so are the companies’ worries. Anyway, for many corporations, those new requirements won’t hold for too long as they will be reorganized into joint-stock companies for which there are absolutely different requirements.

Source: “Gazeta”