Russian Government to Expand its Role in Joint Stock Companies with

Emerging Markets Economy, Apr 8, 2003

Sergei Kosarev, the Russian Deputy Property Minister, has announced that the Russian government plans to expand its role in joint stock companies that have state stakes.

He added that the joint stock companies should include special provisions in their charters which outline the additional powers of state representatives in companies with state participation, according to Prime-Tass. He stated that this move is expected to improve the companies dividend policy. The Deputy Property Minister commented that at present the state has stakes in 4,000 of the 9,000 Russian joint stock companies, and the government plans to generate 35 billion rubles (US$1.12 billion) in revenues from its participation this year, including 6.5 billion rubles (US$207.8 million) in dividend payments. -(EMEconomy.com)