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This circumstance renders the possibility of attraction of new investors via additional issues of shares rather improbable until the authorities are large shareholders, although it is rather probable with respect to certain attractive companies having some advantages or unique resources. There are also certain risks pertaining to the involvement of the state in economic activities, such as inadequate skills of public servants, insufficient incentives for them, and possibilities to derive rent from such situations.

After several years of discussion, the state has at last formalized its approach to the dividend policies with respect to joint stock companies, shares in which are in the federal ownership, in the format of a regulatory act. Resolution of the RF Government No. 774 r of May 29, 2006, contains a direct instruction to the executive authorities to be guided by following the stipulations in the course of formation of the position of a shareholder in such companies with respect to the issues pertaining to the payment of dividends:

determination of the fixed minimum share in the net profits of the joint stock company allocated for the payment of dividends;

allocation of the net profits not directed for financing of investment projects and other purposes for the payment of dividends;

ensuring that investment projects answered the requirements of profitability established at the respective joint stock companies;

use of indicators of aggregate (consolidated) reporting in the course of determination of the amount of dividends at the joint stock companies having subsidiary structure.

This document has determined a whole range of positions, from which executive authorities should proceed in order to form their positions on behalf of the state being a shareholder in joint stock companies.

Assessing this document, it should be noted that its main principles base on the approaches to the dividend policies, which have been already made public by the RF Ministry of Economic Development and Trade (and earlier by the RF Ministry of Property Relations). The actual efficiency of this act will to a great degree depend on the substance of the methodological recommendations concerning the determination of the positions taken by the Russian Federation as a shareholder in joint stock companies with respect to the issues pertaining to the payment of dividends, which should be developed and approved by the RF Ministry of Economic Development and Trade.

On the whole, in 2006 the sphere of property relations was characterized by the persistence of trends having become perceptible over the last two years, although less pronounced than over that period. Given the present shrinking of the public sector manifested via the decline in the number of unitary enterprises and joint stock companies, where the state has a share in capital, it grows in scope and depth at the expense of the increasing scale of economic activities, including the growth via the branching network of subsidiaries and dependent companies. At the same time, the considerations of efficiency require that the state presence in the economy as concerns the aspect of property relations should be brought in accordance with the real and rather limited managerial capabilities of the state.

G. Malginov, A. Radygin Issues, Discussed at the Meeting of the Government of the Russian Federation held on 7, 14 and 21 June The following most important issues were discussed at the meetings of the Government of the Russian Federation in June 2007: the process of Federal Target Program fulfillment and realization of the Federal Targeted Investment Program over 1 quarter 2007; measures directed towards development of the motor roads net development in the Russian Federation, including improvement of road-building financing; result and main directions of the Federal Tax Service functioning for 2008-2010; criteria of tax institutions efficiency estimations; fulfillment of the Fund for Social Insurance of the Russian Federation budget over 2006.

*** On 7 June at the meeting of the Government of the Russian Federation the results of the Federal Target Programs fulfillment and Federal Targeted Investment Program realization over 1 quarter 2007 were discussed. It should be noted that in 2007 the decrease in the number of Federal Target Programs is observed.

Thus, in 2007 26 Federal Target Programs and 36 subprograms that are included in the open part of the federal budget are being fulfilled. For reference, in 2006 there were 51 Federal Target Programs and 50 subprograms that were accomplished. On summarizing the results of the Federal Target Programs the fulfillment of the following programs was acknowledged to be ineffective: Economy and Social Sphere of the Chechen Republic recovery (2002 and following years) (Ministry for Regional Development of the Russian Federation); Economic and Social Development of the Far East and Transbaikal for 1996-2005 and up to 2010 (Ministry for Regional Development of the Russian Federation); Social support of the disabled for 2006-2010 (Ministry for Health Care and Social Development) etc.

At the sane meeting of the Government of the Russian Federation the analysis of the fulfillment process of the Federal Target Programs in the line of R&D was considered as well as the main results reached in the process of individual Federal Target Programs fulfillment.

On 14 June at the meeting of the Government of the Russian Federation the report by the Minister of Transportation of the Russian Federation On measures directed for the development of motor roads in the Russian Federation, including the improvement of road sector financing was heardTF FP.

P T According to the report the reform of the road sector is to proceed in two steps.

The first stage of the reform is to be fulfilled during 2008-2009. During this stage the regulatory legal base for road sector reform, for instance, should be developed and the conditions for market environment development in the field of motor roads maintenance should be created, the mechanisms of state-private partnership should be perfected. It is expected that as a result of the first stage the conditions for steady financing of the sector in necessary volumes will be created.

The second stage of the reform is scheduled for 2010-2015. At this stage it is planned to complete the reform of road sector institutions, formation of the competitive environment in those fields of actions where possible. As a result structure transformations in the sector will be mainly conducted; the conditions for large-scale investments attraction will be developed. The system of steady financing of the road sector will be created, the system of government order placement will be optimized, the formation of competitive environment in road sector will be finished.

The main principle of road sector reform that of paying for federal roads usage - is ventilated in the Report. Earnings from customs duties for import cars, spare parts for them and tires, as well as part of insurance companies profit for motor third-party liability insurance can also serve as possible additional sources of financing.

In order to attract funds necessary for federal roads net maintenance and development the payment for federal roads from freight motor vehicles of more than 12 tons should be introduced as an additional source of non-tax earnings.

The main principle of off-budget funds attraction to the field of road facilities construction and reconstruction should be guaranteed repayment of the invested funds to the investor and sufficient profit rate due to the paid facility operation, which was constructed with total or partial participation of the investment funds, as well as economic interest of the society, government and investor in the corresponding project fulfillment. The newly introduced mechanisms of such projects co-financing by the government are the means of the investment fund.

PT TP The report of the Minister of the Transport of the Russian Federation I. E. Levitin at the meeting of the Government of the Russian Federation on the issue On measures directed for the development of motor roads in the Russian Federation, including the improvement of road sector financing http://www.mintrans.ru/pressa/Levitin_14062007.htmUHT UTH The spreading of the practice for their paid usage introduction should become an additional funding source for existing roads maintenance. The transfer of the road, equipped for the payment to be levied, should be possible. At the same time the condition for receipt of the road for the exploitation should be the liability of the private enterprise to invest into construction or reconstruction of some part of the road of the established volume of funds, necessary for its creation and following paid exploitation. So the motor road net development process will be secured.

The long-term concession agreements, concluded according to the Federal Law On concession agreements are supposed to be the main form of such projects fulfillment.

As a result of the report discussion The Ministry of the Transportation, The Ministry of Finance, Ministry of Economic Development and Trade, Ministry of the Regions with the participation of executive authorities concerned are commissioned with the development, according to the earlier orders of the President of the Russian Federation and the Government of the Russian Federation, of the project of the Federal Target Program Development of Russian transportation system 2010-2015. During development of the program mentioned the subprogram of motor roads development in the Russian Federation for the period of 20102015 should be envisaged.

On 21 June at the meeting of the Government of the Russian Federation the report of the chairman of the Fund for Social Insurance On fulfillment of the budget of the Federal Social Insurance Fund of the Russian Federation for 2006 among other issues.

According to the report the Fund of the Social Insurance accomplished the budget execution in 2006 in accordance with the Federal Law On the budget of the Fund of the Social Insurance Fund of the Russian Federation in 2006 as well as in accordance with the Federal Law On making amendments to the Federal Law On Federal Budget in 2006, which envisaged the increase of transfer volumes, which were passed to the Fund for the supply of the disabled by means of rehabilitation, including production and mending of prosthetic and orthopedic devices for the sum of RUR 150.0 mln.

It is stated that in 2006 the indices of budget execution improved as compared with the corresponding figures of the previous year both in the part of the formation of revenue items and its expense liabilities. At the same time it is noted that the high level of collection of insurance premiums is the result of the effective work to levy insurers debts. In 2006 the debts on the compulsory social insurance against accidents at production and professional illnesses reduced by RUR 1411.3 mln, including the decrease of post-due debt by RUR 1124.3 mln.

Overfulfillment of the taxes from the unified social tax, taking into account all received penalty fees and fines, is accounted for by the rise of RUR 290.0 bln or by 5% of the existing labor remuneration fund in 2006 as compared with the one used during planning. At the same time effective tax rate of the unified social tax was equal to 2.44% in 2006.

The conclusion is drawn in the report that in 2006 the Fund secured the fulfillment of the social insurance liabilities, which were entrusted to it, and all governmental functions, which were delegated to the Fund.

As a result of report discussion the Government of the Russian Federation approved the project of the Federal Law On fulfillment the budget of the Social Insurance Fund of the Russian Federation in 2006, which was presented together with the report.

. Goldin A review of budget legislation introduced in June of In June of 2007, the following significant changes were registered in the sphere of budget legislation:

there was approved the mechanism of distribution of financial resources received from the open joint stock company Oil Company YUKOS as a repayment of its debt to the budget among the tiers of the budget system of the Russian Federation; there were made amendments to the procedures governing the use of the budget classification of the Russian Federation earlier approved by an order issued by the RF Finance Ministry; the RF Finance Ministry approved the instruction determining the procedures governing the carrying out audits and inspections by the Federal Service for Financial and Budgetary Supervision; the Federal Treasury issued an order, which ensured the vesting of powers pertaining to the exercise of the functions of the administrator of revenues of the budgets of the budgetary system of the Russian Federation in the agencies of the Federal Treasury.

Federal laws The federal law of June 7, 2007, On the introduction of amendments to article 6 of the federal law On the federal budget for year 2007. The law established the mechanism of distribution of financial resources received from the open joint stock company Oil Company YUKOS as a repayment of its debt to the budget as concerns taxes, fees, other payments, penalties and fines among the tiers of the budget system of the Russian Federation. In accordance with the law, these financial resources should be distributed by the territorial agencies of the RF Federal Treasury among the budgets of the budgetary system of the Russian Federation in accordance with the norms set by the budgetary legislation of the Russian Federation with the simultaneous transfer (centralization) of financial resources due to the budgets of the subjects of the Russian Federation and local budgets to the federal budget.

The law also set forth the procedures governing the reflection of the operations involving these financial resources in the report on the execution of the federal budget for year 2007.

This federal law should enter into force on the date of its promulgation.

T Orders of the RF Finance MinistryT Order of the RF Finance Ministry No. 34 n of April 10, 2007, introduced changes in the Instructions on the procedures governing the use of the budget classification of the Russian Federation earlier approved by Order of the RF Finance Ministry No. 168 n of December 8, 2006. The Order of the RF Finance Ministry of May 23, 2007, enacted this Order.

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