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On the other hand, a share of non-production industries (by more than 14 p. p.), production sector (by almost 6 p. p.), transport and communications sector (by 3 p. p.) increased considerably. It is necessary to highlight a growth (by 1,44 times or by almost 440 units) in the absolute count of non-production FOUSs and the production sector (by 1,37 times or by almost 180 units) against reduction in the same by nearly 700 and 200 units, respectively, in the group of other industries not included into the base classification, and the agricultural sector.

In the end, the absolute count of non-production unitary enterprises as of the beginning of 2010 was bigger than two years ago, while it was smaller in other industries. By comparing the number of FOUSs by industry of the production sector as of the beginning of 2010 with the number reported as of the beginning of 20071, we can see a country-wide reduction2.

Federally-owned joint-stock companies First of all it should be noted that by the beginning of 2010 the number of federally-owned joint-stock companies reduced by 11.6% (or by almost 400 units) to total 2950 units against the beginning of 2009. Their number was found to be less than three thousand for the first time throughout the 2000s.

Let us examine in detail the changes in the number of federally-owned joint-stock companies by sector over the last few years (Table 8).

As of the beginning of 2010, non-production enterprises accounted for the biggest share (39.4% of all of the specified joint-stock companies) in the sectoral structure of federallyowned joint-stock companies, followed by the production sector (about 23%) and the agricultural sector (about 13.5%). The group of other industries, transport and communications sector, building industry accounted for less than 10%.

Referring to the changes in the sectoral structure of federally-owned joint-stock companies in 2009, one may infer with certainty that a share of non-production enterprises increased rapidly (by almost 3,5 times, from 11.5% to 39.4%). A share of the transport and communications sector increased less than 1 p. p. A share of the production sector dropped by half (from 47.5% to 22.9%), and a share of the agricultural sector (by 2.2 p. p.) and the building industry (by 1.6 p. p.) decreased a bit less. A share of the group of other industries remained unchanged in the general structure of joint-stock companies with federal interest (by nearly 10 %).

No industries were specified inside the sectoral structure of FOUSs as of the beginning of 2008 and 2009.

Except for the chemical industry on which the data as of the beginning of 2010 is provided together with the petrochemical industry. In addition, the data as of the beginning of 2010 specifies the forestry industry, which was not the case in the previous periods, when no data on the constructions materials industry was provided.

Section 6.

Institutional Problems Table Dynamics and federal structure of federally-owned joint-stock companies or subject to the special right (golden share), in 2005 2008.

as of June as of January 1, as of January 1, as of January 1, as of January 1, Industry 1, 2006 2007 2008 2009 2010.

units % units % units % units % units % Non-production sector 356 9.6 405 10.1 638 17.4 383 11.5 1162 39.Production sector 1772 47.6 1797 44.95 1878* 51.1 1583 47.45 674 22.- machine-building 663 17.8 632 15.8 245 8.- printing industry 158 5.- forestry industry 35 1.- light industry 27 0.7 29 0.7 11 0.- food-processing industry 141 3.8 127 3.2 46 1.- constructions materials 53 1.4 53 1.35 industry - chemistry 98 2.6 89 2.2 36 1.- metallurgy 101 2.7 94 2.35 31 1.- other industry 689 18.5 773 19.35 112 3.transport and communica- 396 10.6 353 8.9 397 10.8 280 8.4 269 9.tions sector building industry 380 10.2 404 10.1 234 7.0 160 5.agricultural sector 363 9.7 534 13.35 761 20.7 522 15.65 397 13.forestry management 99 2.7 88 2.2 Other industries 358 9.6 416 10.4 335 10.0 288 9.Total 3724 100.0 3997 100.0 3674 100.0 3337 100.0 2950 100.* including the production sector itself and the building industry (by 695 units or 18.9%), fuel and energy industry (597 units or 16.25%) and the military and industrial (by 586 units or 15.95%) sector.

Source : The Forecast Plan (Program) of Federal Property for 2007 and the Guidelines for Privatization of Federal Property for 20072009 ; The Forecast Plan (Program) of Federal Property for 2008 and the Guidelines for Privatization of Federal Property for 20082010, The Forecast Plan (Program) of Federal Property for 2009 and the Guidelines for Privatization of Federal Property for 2010 and 2011 ; The Forecast Plan (Program) of Federal Property for 2010 and the Guidelines for Privatization of Federal Property for 2011 and 2012 ; The Forecast Plan (Program) of Federal Property and the Guidelines for Privatization of Federal Property for 2011 2013 ;

The estimates were made by the Gaidar Institute for Economic Policy.

A triple growth in the absolute count (by almost 780 units) of federally-held nonproduction joint-stock companies, with their number decreasing in all of the other industries, is worth noting, with the highest decrease in the production (by 2,34 times or by more than 900 units) and agricultural sectors (by more than 120 units).

In the end, as of the beginning of 2010, the absolute count of non-production joint-stock companies with a state-held interest was found to be larger than over the previous periods, except for a period between 2003 and 2004.

With regard to other industries as of the beginning of 2010, the number of joint-stock companies with a state-held interest was less than in the preceding year. The same picture can be seen in comparing the number by industry as of the beginning of 2010 against the changes that took place as of the beginning of 20071.

Equally important characteristic of joint-stock companies with a state-held interest is how these companies can be structured based on the size of a state-held interest in the same (Table 9).

No industries were specified in the sectoral structure of joint-stock companies in which the federal government held an interest as of the beginning of 2008 and 2009.

RUSSIAN ECONOMY IN trends and outlooks Table Dynamics and structure of joint-stock companies with a state-held interest in 1999(including the special right (golden share)) based on the size of state-held interest between 25 and between 50 and Total up to 25 % 100 % Golden Share 50 % 100 % Date withunits % units % units % units % units % total out shares 1999 3316/ 100 863 26.0 1601 48.3 470 14.2 382 11.5 580b 3896a January 1, 3524c 100 1746 49.55 1211 34.4 506 14.35 61 1.7 August 3949d 100 1843 46.7 1393 35.3 625 15.8 88 2.2 542b January 1, 4407 100 2270 51.5 1401 31.8 646 14.65 90 2.05 750b January 1, 4222e 100 2152 51.0 1382 32.7 589 13.95 99 2.35 1076 June 1, 2003 4205 100 2148 51.1 1339 31.8 600 14.3 118 2.8 October 1, 4035 100 2051 50.8 1308 32.4 552 13.7 124 3.1 640 January 1, 3704 100 1769 47.75 1235 33.35 540 14.6 160 4.3 591 June 1, 2004 3905 100 1950 49.9 1183 30.3 499 12.8 273 7.0 March 1, 4075/ 100 1697 44.8 1154 30.4 487 12.85 453 11.9 2005 3791f June 1, 2005 3783/ 100 1544 43.8 1093 31.0 474 13.5 413 11.7 3524g June 1, 2006 3724/ 100 1063 30.5 885 25.4 397 11.4 1136 32.6 3481g January 1, 3997/ 100 932 24.4 814 21.3 368 9.6 1702 44.6 2007 3816g January 1, 3674 100 771 21.0 645 17.6 269 7.3 1989 54.1 January 1, 3337/ 100 769 23.0 510 15.3 200 6.0 1858 55.7 2009 3047h January 1, 2950/ 100 697 23.6 358 12.1 138 4.7 1757 59.6 2010. 2646i a 3896 business companies (including 3611 open joint-stock companies, 251 closed joint-stock companies, and 34 limited liability partnerships and limited liability companies) in which the Russian Federation holds an interest are mentioned in the text of the Concept of State-Owned Property Management and Privatization of 1999.

3316 units is the estimated value which was estimated by totaling the number of blocks of shares (interest) of different size which was mentioned in the text of the Concept ;

b total number of joint-stock companies which are subject to the special right (golden share), without specifying the number of those in which the federal government holds no interest ;

c joint-stock companies, net of 48 interest and blocks of shares in foreign companies, in addition, there is data on that Russia holds 119 shares, interest, and blocks of shares in foreign companies with a book value of USD 1,4 bln ;

d the data of the draft program of privatization for 2002 which the Federal Agency for State Property Management submitted to the Government of the Russian Federation, whereas according to the data of the Registry of the Federal Agency for State Property Management, 4308 of blocks of shares joint-stock companies were held by the federal government as of September 1, 2001 ;

e only open joint-stock companies, net of 118 open joint-stock companies subject to the special right (golden share) (without shares), blocks of shares in 102 joint-stock companies transferred to operating management of Rosspirtoprom FOUS, 75 closed joint-stock companies and participating interest in the charter capital of LLCs transferred under the Order of the Government of the Russian Federation dd. April 2, 2002, No. 454- On Cessation of State Shareholding in the Charter capital of Credit Institutions or obtained by way of inheritance, gift, etc ;

Section 6.

Institutional Problems f 3791 units is the estimated number of joint-stock companies owned by the Russian Federation, net of joint-stock companies which are subject to the special right (golden share) (without block of shares). This value was used to calculate a share of joint-stock companies with a specific equity interest to compare with the data on previous dates. For reference: as of January 1, 2005, the federal government held an interest in joint-stock companies, net of the abovementioned 284 joint-stock companies subject to the special right (golden share) and equity stakes in 24 LLCs transferred to the treasury under the Order of the Government of the Russian Federation dd. April 2, 2002, No. 454- On Cessation of State Shareholding in the Charter capital of Credit Institutions ;

g the estimated number of joint-stock companies whose shares are held by the Russian Federation, net of jointstock companies which are subject to the special right (golden share) (without block of shares). This value was used as the basis for estimation of a share of joint-stock companies with a certain equity interest for comparison with the data on the previous dates ;

h the number of blocks of shares (interest, stakes) of federally-owned business companies according to the data of the Progress Report for 2008 of the Federal Agency for State Property Management (net of 136 joint-stock companies subject to the special right (golden share) to their management) ;

i the number of blocks of shares in joint-stock companies owned by the Russian Federation, according to the federal property register, as based on the data published by the Federal Agency for State Property Management.

Source : www.mgi.ru ; On the Results of Privatization in the Russian Federation in 2000, and Tasks for (based on the materials prepared for the Meeting of the Government of the Russian Federation on 08/02/2001);

Materials for the Meeting of the Government of the Russian Federation dedicated to On the Results of Privatization of State-Owned Property in 2001, and the Program of Privatization in 2002 ; Russian Economy in 2001.

Trends and Outlooks (Issue 23). Volume 2. M.: IET, March 2002 p. 62; Braverman A.A. On Measures to Improve Efficiency of Federal Property Management and Assessment Criteria Thereof // Bulletin of the Federal Agency for State Property Management. 2003, No. 1. pp. 1314; Medvedev Y. ., Performance Results of the Federal Agency for State Property Management of Russia and Territorial Agencies Thereof in 2002 and Tasks for 2003 // Bulletin of the Federal Agency for State Property Management. 2003, No. 1. pp. 3031; Enterprises with State-Held Interest. Institutional and legal aspects and economic efficiency. Series Scientific Reports: Independent Economic Analysis, No. 155. M.: Moscow Social Scientific Foundation ; Association for Studies in Public Economics, 2004. p. 47; The Program of Privatization of Federal Property for 2004 (The Forecast Plan (Program) of Federal Property for 2004 and the Guidelines for Privatization of Federal Property till 2006) // Bulletin of the Federal Agency for State Property Management. 2003, No. 3. pp. 45. The Key Issues of Improving Effectiveness of Federal Property Management and the Dividend Policy Guidelines in the Russian Federation// Bulletin of the Federal Agency for State Property Management. 2003, No. 4. p. 8; Andrianov V. Russia in Global Economy // Society and Economy. 2003, No. 11., p. 84; The Forecast Plan (Program) of Federal Property for 2005 ; Materials related to the Meeting of the Government of the Russian Federation on March 17, 2005, On Measures to Improve Efficiency of Federal Property Management ; The Forecast Plan (Program) of Federal Property for 2006 and the Guidelines for Privatization of Federal Property for 20062008 ;

The Forecast Plan (Program) of Federal Property for 2007 and the Guidelines for Privatization of Federal Property for 20072009 ; The Forecast Plan (Program) of Federal Property for 2008 and the Guidelines for Privatization of Federal Property for 20082010, The Forecast Plan (Program) of Federal Property for 2009 and the Guidelines for Privatization of Federal Property for 2010 and 2011 ; the Progress Report for 2008 of the Federal Agency for State Property Management, M., 2009 ; The Forecast Plan (Program) of Federal Property for and the Guidelines for Privatization of Federal Property for 2011 and 2012 ; The Forecast Plan (Program) of Federal Property and the Guidelines for Privatization of Federal Property for 2011 2013 ; The estimates were made by the Gaidar Institute for Economic Policy.

The upward trend in a interest allowing the federal government to have a full-fledged corporate governance due to the size of such interest which emerged in the mid-2000s, continued to develop in 2009.

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