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Viktor Shishov

Participation of the state in corporate governance (on the example of Gazprom Group). Viktor Shishov. Agenda. State as a shareholder State-owned companies in Russia Participation of the state in corporate governance Advantages and disadvantages of state-owned companies

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Viktor Shishov

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  1. Participation of the state in corporate governance(on the example of Gazprom Group) Viktor Shishov

  2. Agenda • State as a shareholder • State-owned companies in Russia • Participation of the state in corporate governance • Advantages and disadvantages of state-owned companies • Example of Gazprom • Description of the company • Corporate governance • State in Gazprom • Problems

  3. State as a stakeholder Motives and interests • differ from interests of private investors • influence the legal status of joint stock companies • predetermine the presence of special regulating norms that are applied for certain business activities.

  4. Three main areas State can • participate in the management of the company. • possess, use and dispose its shares • control over the use of the property of the company.

  5. State-owned companies • are enterprises where the state has a control through full, majority or significant minority ownership. • Direct and indirect ownership at any level of government = at least 10%

  6. Joint stock companies State-owned companies in Russia Gazprom, Sberbank, RussianRailways Unitary enterprises Post ofRussia, Rosspirtprom State corporations Rosatom, Rosnanotekh, Rostekhnologii

  7. The largest extractor of natural gas, one of the largest companies in the world and the largest joint-stock company in Russia. • Total number of the shareholders is over 500,000. • The state owns a 50.002 per cent controlling stake

  8. OAO Gazprom share capital structure http://eng.gazpromquestions.ru/?id=10

  9. The internalcontrolsystemofcorporategovernance http://www.gazprom.com/about/management/corporate-governance/

  10. Gazprom’s corporate governance State is the largest external shareholder (over 50%) Vertical integrated corporate governance structure State as a consequence of the authoritarian system, centralization and conservatism Outsider model of the Corporate Governance

  11. Corporate governanceproblems in GAZPROM Appointment and work of state representatives Board of directors Transparency issues Financial statement Questions connected with a property the existence of two legal entity forms within the same company

  12. Thank you for your time

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