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RUSSIAN ECONOMY IN trends and outlooks 2. Russian Nanotechnology Corporation 19.07.2007 - Federal Law is adopted on УRussian Nanotechnology CorporationФ 07.09.2007 - General Director of the public corporation "Russian Nanotechnology CorporationФ nanotechnology is appointed by the RF PresidentТs decree - Members of Supervisory Board of the public corporation УRussian Nanotechnology CorporationФ are appointed by the RF government 25.09.2007 - The first meeting of Supervisory Board of the public corporation УRussian Nanotechnology CorporationФ took place 27.11.2007 - The RF government issued an order to transfer the federal property as a contribution from the Russian Federation to УRussian Nanotechnology CorporationФ in the amount of RUR 130 billion, including RUR 30 billion from the RF Stabilization Fund and RUR 100 billion from the federal budget 11.12.2007 - Supervisory Board of public corporation УRussian Nanotechnology CorporationФ has approved the documents, regulating the activities of the corporation management bodies: Regulations on the Supervisory Board, Regulations on the Board of Directors, as well as the Regulations on the Audit Committee 27.12.2007 - Supervisory Board of public corporation УRussian Nanotechnology CorporationФ has approved Regulations on PC УRosnanotechФ R&D Council and the concept for development and control over the projects, implemented by the corporation 31.01.2008 - Supervisory Board of public corporation УRussian Nanotechnology CorporationФ has approved the financial plan (budget) of the corporation for 2008, objectives of financing and the stuff of R&D Council 3. Foundation for Promotion of Housing and Public Utilities Reform 19.07.2007 - Federal Law is adopted on the УFoundation for Promotion of Housing and Public Utilities ReformФ 29.10.2007 - General Director of the public corporation УFoundation for Promotion of Housing and Public Utilities ReformФ is appointed by the RF government resolution 31.10.2007 - Members of Supervisory Board of the public corporation УFoundation for Promotion of Housing and Public Utilities ReformФ are appointed by the RF government 22.11.2007 - At their first meeting members of the Supervisory Board of the public corporation УFoundation for Promotion of Housing and Public Utilities ReformФ have discussed the Regulations for the Supervisory Board, Board of Directors and the Foundation structure 27.11.2007 - The RF government issued an order to transfer the federal property as a contribution from the Russian Federation to the public corporation УFoundation for Promotion of Housing and Public Utilities ReformФ in the amount of RUR 240 billion from the federal budget 15.02.2008 - The RF government has issued a decision УOn placement of temporary uncommitted funds of the public corporation УFoundation for Promotion of Housing and Public Utilities ReformФ 4. Public Corporation on Olympics objects Construction and Sochi city Development as a Mountain Health Resort 30.10.2007 - Federal Law is adopted on the Public Corporation on Olympics objects Construction and Sochi city Development as a Mountain Health Resort 03.11.2007 - President of the public corporation on Olympics objects Construction and Sochi city Development as a Mountain Health Resort is appointed by the RF government decree 12.11.2007 - Members of Supervisory Board of the public corporation on Olympics objects Construction and Sochi City Development as a Mountain Health Resort are appointed by the RF government resolution 14.11.2007 - At their first meeting members of the Supervisory Board of the public corporation on Olympics objects Construction and Sochi city Development as a Mountain Health Resort have approved 8 of the 10 corporation Management Board members Section Institutional Problems Table 14 (continued) 01.12.2007 - the Supervisory Board of the public corporation on Olympics objects Construction and Sochi city Development as a Mountain Health Resort has approved the Program for Olympic objects construction 29.12.2007 - The RF government resolution has approved the Program for Olympic objects construction and Sochi city Development as a Mountain Health Resort and defined the amount of property contribution of the Russian Federation to the public corporation on Olympics objects Construction and Sochi city Development as a Mountain Health Resort for the Program financing over 2008Ц5. Public Corporation for Assistance in Development, Production and Export of Hich-Tech Industrial Products УRostechnologiiФ 23.11.2007 - Federal Law is adopted on the Public Corporation for Assistance in Development, Production and Export of High-Tech Industrial Products 26.11.2007 - General Director of the public corporation for Assistance in Development, Production and Export of HighTech Industrial Products УRostechnologiiФ is appointed by the RF President decree - Members of Supervisory Board of the public corporation for Assistance in Development, Production and Export of High-Tech Industrial Products УRostechnologiiФ are appointed by the RF President resolution - According to the Presidential Decree, FGUP УRosoboronexportФ is transformed in the open joint-stock company, 100 per cent shares of which are in federal ownership, with their further transfer to the public corporation for Assistance in Development, Production and Export of High-Tech Industrial Products УRostechnologiiФ 19.12.2007 ЦAt the first meeting of public corporation for Assistance in Development, Production and Export of High-Tech Industrial Products УRostechnologiiФ Supervisory Board, the organizational structure was approved, Deputies to Director General were appointed, approaches to the formation of property installment of the Russian federation to the corporations 6. Public Corportation on Nuclear Power УRosatomФ 01.12.2007 - Federal Law is adopted on the Public Corporation on Nuclear Power УRosatomФ 12.12.2007 - General Director of the public corporation on Nuclear Power УRosatomФ is appointed by the RF President decree - Members of Supervisory Board of the public corporation on Nuclear Power УRosatomФ are appointed by the RF President resolution 5. 2. 6. Types of the Established Public Corporations As one can see, the public corporations differ significantly in terms of their background, objectives, functions, the type of property, contributed by the Russian Federation and by a number of other indicators (see Table 15). Let's try to differentiate various types of public corporations.

А. Public Institutions for Development This type of corporations certainly includes Vnesheconombank, as well as (with certain assumptions) - PC Rosnanotech. The first corporation primary objective is compensation of the market УgapsФ. Its targets and focuses are clearly defined to prevent УintrusionФ in areas with sufficient business initiative and to maintain fair competition. The second Corporation objective is to cover both, market and national gaps (in terms of administrative system failures).

RUSSIAN ECONOMY IN trends and outlooks Тable Conditional>

B. RF Government Agents70, УExecutorsФ of Certain Functions To this type of corporations PC УOlympstroyФ can be attributed, and also, to some extent, the Foundation for Promotion of Housing and Public Utilities Reform. Both corporations actually perform individual operational functions of public management. They have a preset term of operation, during which their targets have to be achieved. These corporations are less independent in their status than public institutions for development in terms of the system of public administration.

C. УQuasi-MinistriesФ Without any doubt, УRosatomФ public corporation can be attributed to this type of structures, which has the functions of government agency, and in addition to that owns (will own) packages of shares and capital assets in the relevant industry. This group (like the group УQuazi-holdingsФ) is characterized by the lack of a substantial УadvancedФ financial contribution and funding of the activities by the subsidies from federal budget.

The border between the institutions for development and government agents is rather conventional. In this case, the main distinctions of institution for development is delegation to them a range of public policy tasks (rather than functions), diversified in the forms of their decisions, as well as a significant degree of independence from government.

Section Institutional Problems D. УQuazi-holdingsФ To this group, we refer those corporations, whose capacity is determined primarily by control over production facilities (in various forms), while they are empowered with certain УsoftФ (mainly contributing) functions in the framework of government policy. The criterion of attributing a corporation to this type of companies is the ovelapping of some corporation functions with the activities of its member companies (or affiliates)71.

With certain assumptions, УRostehnologiiФ could be included in this group of public corporations, which is largely focused on management of government-controlled companies and restructuring thereof, as well as the formation of integrated structures. While the corporation is a separate entity in implementation of government policy, it does not have a coherent range of significant functions of government management authorities.

There is no doubt, grouping of the corporations in one or another category is highly conditional, primarily due to similarity of УInstitutes for DevelopmentФ and УGovernment agentsФ types, as well as УQuazi-MinistriesФ and УQuazi-holdingsФ. Thus, Vnesheconombank, along with the functions of an Institute for Development, acts also as a government agent of the Russian Federation72, the Foundation for Promotion of Housing and Public Utilities Reform can be related to a certain extent to the Institute for Development. Public corporation УRosatomФ certainly has the features of Quazi-holding, while public corporation "Rostechnologii" possesses some indicators of Quazi-Ministry.

In our view, the combination of specific characteristics of different types of corporations can create internal conflicts and ambiguity in their development, for instance, between the tasks and functions of УInstitutions for developmentФ and УGovernment agentsФ individual functions, between regulatory, law enforcement functions and responsibilities for the management of business entities. In the latter case, there are significant risks of different treatment of businesses on the part of УQuazi-MinisterstriesФ and УQuazi-holdingsФ.

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Those corporations, that were initially established as УQuasi-holdingsФ (or close to this type), might be willing to obtain additional production facilities from the government to expand participation in the equity of individual companies, including those with budgetary support.

In view of the above, we do not relate Vnesheconombank to the Quasi-holding type of corporations, as it incorporates some credit organizations, whereas its activity is not addressed to the support of credit organizations activities.

In accordance with the law on the Bank for Development, Vnesheconombank implements certain functions (for example, the service of the debt of the former Soviet Union and the Russian Federation, the functions of public management company for the trust management of pension savings) until the date, preset by the Government of the Russian Federation.

RUSSIAN ECONOMY IN trends and outlooks Finally, those corporations, that are needed in a certain period, may seek to expand the range of their activities to justify their existence. Herewith, there is a risk of the loss of Уindividual identityФ, distinguishing the corporations from each other and overlapping of the functions of all types of corporations, which brings up inevitable conflict of interests.

* * * 1. Established in 2007 public corporations are deeply diverse as in their background, as in objectives and functions. Each of public corporations is a tool, enabling to resolve contradictions between the national development priorities (diversification, transfer to innovative technologies) and the limited mechanisms, available in the State to settle that issue, as well as insufficient quality of administrative instruments and public administration, focused primarily on the current and standard issues.

The established public corporations can be regarded as new individual approaches to:

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