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*** Including the group of branches of the non-production sphere.

Source: www.mgi.ru, The forecast plan (program) of federal property for the year 2008 and the main directions of federal property privatization; the authors estimates.

First of all, it should be noted that, over the 200206 period, the overall number of JSCs whose shares are in federal ownership decreased by 9.3%, which was typical of the majority of branches. The decrease in the number of such JSCs in transport and communications (by 26%, or by 124 units), construction (by 35%, or by 218 units), and also in the branches not singled out in this classification (by 41%, or by 567 units), was much more substantial than in the sub-sector as a whole. There was a many-fold increase (by 7.5 times, or by 539 units) in the number of the agriculture- and forestry-related JSCs whose shares are in federal ownership. By contrast, their number in industry remained practically unchanged, having been reduced only by 2.2% (or by 40 units). As regards the dynamics of such companies in individual branches of industry, one could note a rather significant drop in their number (by 4060%) in light industry, the food industry, and the construction materials industry, and a rise in their number in metallurgy, chemistry, and those branches of industry that are not singled out in this classification after 2003.

Section Institutional Problems In general, as regards the changes in the branch structure of JSCs whose shares are in federal ownership, one could state that in early 2007 there was a sharp rise in the share of agriculture and forestry by comparison with early 2002 (from 1.9% to 15.6%). The share of all the other branches declined. In industry, the most significant change was an increase in the share of the branches not singled out in this classification after 2003 (from 12.5% to 19.4%).

Yet another important characteristic of the sub-sector comprising joint-stock companies with state stakes is the distribution of economic societies in accordance with the size of the state-owned share (Table 7).

Table The Number and the Structure of Joint-Stock Companies with State Stakes in their Capital, as Assessed on the Basis of the Size of the States Share, in 19992000 (Including the Application of the Golden Share Special Right) From 25 % to 50 From 50 % to 100 Golden Total Up to 25 % 100% % % share Date With units % units % units % units % units % total no shares 1999 3,316/ 100 863 26.0 1,601 48.3 470 14.2 382 11.5 580 ** 3,896* 1 January 3,524* 100 1,746 49.55 1,211 34.4 506 14.35 61 1.7 No No 2001 ** data data.

August 2001 3,949 100 1,843 46.7 1,393 35.3 625 15.8 88 2.2 542** **** 1 January 4,407 100 2,270 51.5 1,401 31.8 646 14.65 90 2.05 750** 1 January 4,222 100 2,152 51.0 1,382 32.7 589 13.95 99 2.35 1076 2003 ***** 1 June 2003 4,205 100 2,148 51.1 1,339 31.8 600 14.3 118 2.8 No No data data.

1 October 4,035 100 2,051 50.8 1,308 32.4 552 13.7 124 3.1 640 1 January 3,704 100 1,769 47.75 1,235 33.35 540 14.6 160 4.3 591 1 June 2004 3,905 100 1,950 49.9 1,183 30.3 499 12.8 273 7.0 No No data data 1 March 4,075/ 100 1,697 44.8 1,154 30.4 487 12.85 453 11.95 No 2005 3,791# data 1 June 2005 3,783/ 100 1,544 43.8 1,093 31.0 474 13.5 413 11.7 No 3,524## data 1 June 2006 3,724/ 100 1,063 30.5 885 25.4 397 11.4 1,136 32.6 No 3,481## data 1 January 3,997/ 100 932 24.4 814 21.3 368 9.6 1,702 44.6 No 2007 3,816## data * The text of the 1999 Concept for the Management of State Property and Privatization refers to 3,896 economic societies (including 3,611 open-end JSCs, 251 closed JSCs, and 34 limited liability companies and limited liability societies) with the RFs participation in their capital. 3,316 units is an estimated figure obtained by adding up the number of the blocks of stocks (or shares, or stakes) of various size mentioned in the text of the Concept.

** The overall number of JSCs with the application of the golden share special right, without singling out the number of those companies where, despite this, the State does not own blocks of shares.

*** Joint-stock companies, without taking into account 48 shares and blocks of stocks in foreign companies.

There are also some data indicating that Russia owns 119 shares, stakes, and blocks of stocks in foreign companies with the book value of 1.4 billion USD.

**** The data of the draft program of privatization for the year 2002 submitted to the RF Government by the RF Ministry of State Property. At the same time, according to the Register of the RF Ministry of State Property, 4,308 blocks of shares in JSCs were in state ownership as of 1 September 2001.

RUSSIAN ECONOMY IN trends and outlooks ***** Only openend joint-stock companies (OJSC), not counting the 118 OJSCs where the golden share special right was applied (with no shares being owned), the blocks of shares in 102 JSCs transferred into operative management to the FSUE Rosspirtprom, the 75 closed joint-stock companies and the stakes in the authorized capital of limited liability societies transferred in pursuance of Regulation of the RF Government, of 2 April 2002, No. 454-r, On the discontinuation of state participation in the authorized capital of credit institutions, or obtained by way of inheritance, or gift, or on other grounds.

# 3,791 units is the estimated number of the JSCs whose shares are in RF ownership, not counting the 284 JSCs where the golden share special right is applied (with no block of shares being owned). The share of a JSC with some or other stake in capital is calculated on the basis of this value, for comparison with the data for the previous dates. For reference: as of 1 January 2005, shares in 3,767 JSCs were in federal ownership, not counting the afore-said 284 JSCs with the golden share and the stakes in the authorized capital of 24 limited liability societies transferred to the Treasury in pursuance of Regulation of the RF Government, of 2 April 2002, No. 454-r, On the discontinuation of state participation in the authorized capital of credit institutions.

## The estimated number of JSCs whose shares are in RF ownership, not counting the JSCs where the golden share special right is applied (with no block of shares being owned). The share of a JSC with some or other stake in capital is calculated on the basis of this value for the sake of comparison with the data for the previous dates.

Source: www.mgi.ru; Rossiiskaia ekonomika v 2001 godu. Tendentsii i perspektivy. [The Russian economy in the year 2001. Trends and prospects].Vyp. 23. Vol. 2. Moscow: IEPP [IET], March 2002, p. 62; Braverman, A.A. O merakh po povysheniiu effektivnosti upravleniia federalnoi sobstvennostiu i kriteriiakh ee otsenki (On the measures designed to increase the effectiveness of federal property management and on the criteria for its estimation) // Vestnik Minimushchestva Rossii [The Herald of Russias Ministry of State Property], 2003, No. 1, pp. 1314; Predpriiatiia s gosudarstvennym uchastiem. Institutsionalno-pravovye aspekty i ekonomicheskaia effektivnost [Enterprises with state participation. The institutional and legal aspects and economic efficiency.] Series: Nauchnye doklady: nezavisimyi ekonomicheskii analiz [Scientific reports: independent economic analysis], No. 155, Moscow: Moskovskii obshchestvennyi nauchnyi fond; Assotsiatsiia issledovatelei ekonomiki obshchestvennogo sektora [The Moscow Public Research Foundation; The Association of Researchers of the Public Sectors Economy], 2004, p. 47; Programma privatizatsii federalnogo imushchestva na 2004 g. (Prognoznyi plan (programma) federalnogo imushchestva na 2004 god i osnovnye napravleniia privatizatsii federalnogo imushchestva do 2006 goda. [The program for federal property privatization in 2004. (The forecast plan (program) of federal property for the year 2004 and the main directions of federal property privatization until the year 2006)] // Vestnik Minimushchestva Rossii, 2003, No. 3, pp. 45; Kliuchevye problemy povysheniia effektivnosti upravleniia federalnoi sobstvennostiu i osnovnye napravleniia dividendnoi politiki Rossiskoi Federatsii [The key issues of increasing the effectiveness of federal property management and the main directions of the dividend policy of the Russian Federation] // Vestnik Minimushchestva Rossii, 2003, No. 4, p. 8; Andrianov V. Rossiia v globalnoi ekonomike [Russia in the global economy] // Obshchestvo i ekonomika [Society and the economy], 2003, No 11, p. 84; Prognoznyi plan (programma) federalnogo imushchestva na 2005 god. [The forecast plan (program) of federal property for the year 2005]; Materialy k zasedaniiu Pravitelstva RF 17 marta 2005 g. O merakh po povysheniiu effektivnosti upravleniia federalnoi sobstvennostiu. [Materials for the RF Governments meeting on 17 March 2005 On the measures designed to increase the effectiveness of federal property management]; Prognoznyi plan (programma) federalnogo imushchestva na 2006 god i osnovnye napravleniia privatizatsii federalnogo imushchestva na 20062008 gody. [The forecast plan (program) of federal property for the year 2007 and the main directions of federal property privatization for the years 20072009];

Prognoznyi plan (programma) federalnogo imushchestva na 2008 god i osnovnye napravleniia privatizatsii federalnogo imushchestva na 20082010 gody. [The forecast plan (program) of federal property for the year and the main directions of federal property privatization for the years 20082010]; the authors estimates.

As is apparent from Table 7, as of 1 January 2007 the structure of the main body of federal blocks of shares was as follows: the blocks of shares amounting to 25% of capital accounted for less than 1/4 of all the JSCs with state stakes; the controlling blocks of shares (from 25% to 50% of capital) slightly more than 1/5; while in more than 54% of all companies the State could exercise majority or overall control. The share of the JSCs fully controlled by the State (with 100% of capital owned thereby) amounted to 44.6%, which was 4.5 times Section Institutional Problems more than the share of those JSCs where the State, while being a majority shareholder, owned less than 100% of shares (9.6%).

It should be reminded that a comparison between the structure of the federal blocks of shares which had come into being as early as by 1 June 2006, and the structure which the RF Ministry of State Property had expected to emerge on the implementation of the 2003 privatization program11, indicates that the objective set in advance has indeed been achieved, although with a more than two-year delay. This has put an end to the situation when the balance was clearly tipped in favor of the blocks of shares which did not provide the State with a proper degree of control over the companies, which was a survival from the period of money privatization of the late 1990s. This control was further consolidated by the changes which took place in the second half-year of 2006.

In the period between 1 June 2006 and 1 January 2007, the share of JSCs with 100% of stocks in federal ownership rose by 12 p.p. (from 32.6 to 44.6%), while the share of companies of all the other categories declined. The most radical decline (by 6 p.p.) was in the share of JSCs with minority federal blocks of stocks (from 30.5 to 24.4%). As a result, by the beginning of 2007, the aggregate share of JSCs where the State, as a stockholder, could exercise adequate corporate control due to owing the controlling block of stocks or the whole capital of a company, exceeded one half of all economic societies with its participation for the first time since the late 1990s.

Approximately the same picture emerges when comparing the structure of the whole bulk of federal blocks of stocks as of the beginning of 2007 and 1999 (according to the data of the Concept). The major new trend was a considerable (by 3.9 times) increase in the share of those JSCs where all capital belonged to the State, while the share of all other groups of blocks of stocks decreased. The maximum drop (by 2.3 times) was experienced by the share of the blocking parcels of stocks (between 25 to 50%); the share of the parcels of stocks sized 50100% also declined, approximately by 4.6 p.p., while the share of minority parcels of stocks fell by 1.6 p.p. At the same time, it should be kept in mind that the data for the year 1999 are probably incomplete.

Nevertheless, it could be stated that the number of registered federal blocks of shares less than 25% in size as of 1 January 2007 (932 units) was by 8% larger than the corresponding index of 1999; it had reached its peak by the beginning of 2002 (2,270 units), and then steadily declined (except for the first half-year of 2004). In 2006, the number of federal blocks of shares 25 to 50% in size (814 units) was nearly two times lower than in 1999 (1,601 units).

Their number at the beginning of 2002 (1,401 units) was higher than a year previously (1,units), and then steadily diminished. By the beginning of 2007, the number of the federal blocks of shares 50 to 100% in size (368 units) was by about 21% lower than in 1999 (units), although it fluctuated widely over the period under consideration, amounting to 646 at the beginning of 2002 and to 600 as of 1 June 2003, after which it steadily declined. By contrast, in 2006, the number of JSCs where 100% of shares were in federal ownership was by approximately 4.5 times higher than in 1999. Their minimum number was registered at the It was expected that the number of blocks of shares in federal ownership would amount to 3,613. See Braverman A.A. O merakh po povysheniiu effektivnosti upravleniia federalnoi sobstvennostiu i kriteriiakh ee otsenki [On the measures designed to increase the effectiveness of federal property management and on the criteria for its estimation] // Vestnik Minimushchestva Rossii [The Herald of Russias Ministry of State Property], 2003, No. 1, p. 29.

RUSSIAN ECONOMY IN trends and outlooks beginning of 2001 (61 units). Later on, it was constantly rising, and in the period between June 2005 and 1 January 2007 this rise took the form of a leap with the number of these JSCs increasing by 4.1 times (or by 1,289 units).

The scale of using the golden share special right demonstrated an unambiguous tendency toward decrease in the absolute number of such companies: 181 units by the beginning of 2007, against 243 units as of 1 June 2006 and 284 units as of 1 March 2005 (the maximum value for the whole 19992006 period).

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