Govt to draft package of documents binding for state cos - Putin
MOSCOW. Dec 9 (Interfax) - Russian President Vladimir Putin has ordered the government to draft a package of documents that are binding for all state companies.
"Drafting and implementing corporate strategy is system-wide but nonetheless internal work but, given the status of state companies, I consider it necessary for the government to compile a list of interconnected strategic documents that will be binding for government-related companies," Putin said at a meeting with the heads of state companies devoted to the fulfillment of orders given in his recent address to the Federal Assembly.
One of the tasks Putin set in his address was that state companies must lower their operating costs at least 2%-3% annually.
"Fulfillment of this task ought to be one of the key performance indicators of a company's management and be fundamental to their remuneration," he said.
It is also necessary to analyze the business models of state companies, for them to "put their balance sheets in order and put together clear plans to sell non-core assets," he said.
Long-term development plans must be updated and auditing must be improved.
Putin said the relevant orders had been given and that he expected to hear how they are being fulfilled.
