The Ministry of economic development proposes to allow the relevant ministries and the government to change the management of companies with state participation, in the case of “detection of negative economic and financial situation”. A draft resolution, according to the newspaper “Vedomosti”, published on the portal of information about preparation of normative legal acts.

This document lists a number of conditions under which officials can initiate the change of top Manager of unprofitable state-owned companies.

So, the reason for dismissal might be, in particular, receipt of the annual loss or decrease in earnings more than doubled, the company’s debt liabilities, taxes, insurance premiums, delay in payment of salaries.

In addition, the head may lose the seat if the Ministry will record the transactions for the sale of property violations or the presence of signs of bankruptcy of the company.

The representative of the state can submit proposals for candidates for the post of head of the state-owned company within 10 days after detecting facts of “negative dynamics of financial indicators.

Finally, ministries will need to coordinate development strategies and long-term development of companies and the key performance indicators for their governments. The term agreement may not exceed 30 days from the date of receipt of relevant documents from the state-owned companies.

The Ministry of economic development proposes to allow officials to change the management of loss-making state-owned companies 28.09.2016

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