Not more than 20-25 big companies should be included in state assets management holding, the head of Economy ministry considers

/INTERFAX-KASAKHSTAN, Astana, February 1, 06/ - Kairat Kelimbetov, Minister of economy and budged planning of Kazakhstan offers to limit portfolio of state assets of shares blocks management holding with 20-25 big companies. "Criteria for selection of state companies in portfolio of state holding should become size of state companies, and also their value for the country's economy. As a whole for efficient state holding management it is offered to limit its portfolio with 20-25 big companies", - K.Kelimbetov announced in interview to agency Interfax-Kazakhstan. At that the minister noted, that formation of state holding' portfolio is offered to fulfill in stages. So, he said, the first stage in portfolio of state holding it is expediently to include state blocks of 5 companies: national oil and gas KazMunaiGas, national railroad Kazakhstan temir zholy, Kazakhtelecom, on management of electric nets KEGOC, Kazpost - i.e. mainly working in sphere of infrastructure, which is base for development of economy. State shares of the rest companies are offered to include in holding in the second stage of the project's development - nearly after 3 years after its creation, interlocutor informed. K.Kelimbetov stressed, that state holding, as it is expected, will be created in the form of joint stock company, as precisely JSC "provides clear bases for management, including board of directors, board, rules and procedures, and also trusty liabilities between members of its board of directors and the board". At that main purpose of created state holding, he assumes, should become improvement of companies' corporate management system and increase of transparency of their budgets. "State holding will be as an active shareholder, i.e. will manage activity of state companies through board of directors, at that not interfering in their every day activity", - K.Kelimbetov said, noting, that "state companies' board of directors from passive bodies to coordinate decisions will become real instrument to make influence upon their activity". In his opinion, precisely through board of directors it will be possible "to achieve improvement of state companies' corporate management system, this will result in improvement of financial-economic indexes of their activity and increase of competitiveness". In this connection K.Kelimbetov assumes, that state holding should have small structure. Particularly, in management of state holding it is assumed to include professionals with experience of work in private sector, which will represent the government in state companies' board of directors". So, the agency's interlocutor considers, on primary stage state companies' board of directors may consist of five people, including finance minister, economy and budget planning minister, chairman of the board of state holding and two independent directors, one of whom should be chairman of the board of directors. In prospect, the minister continued, number of members of state companies' board of directors may increase, "but stay odd to provide quorum". At that to nominate members of state companies' board of directors, in his opinion, should the head of the government. At that it is assumed, that during the first stage staff of employees o state holding will consist of 40 people, in the second - to increase to 60 people. K.Kelimbetov also assumes, that state holding should become professional interaction instrument of state companies with the government, that is why taking decisions on important matters, including determination of sectoral policy, regulation and distribution of investments between state companies, will be after the government. "Creation of state holding results in efficiency in taking decisions, because key goals will be concentrated in state holding, but not in several ministers. One more priority of state holding is that it is reliable protection for state companies from non-structural interference in their activity", K.Kelimbetov announced. At that he noted, that at present time in GDP of Kazakhstan stake of state companies is 10.4%. As it was informed, president Nursultan Nazarbayev earlier announced about necessity to create state holding, in whose management is assumed to transfer state stakes in national companies and republican state enterprises. This project is elaborated by economy and budged planning ministry in collaboration with international consulting company МсKinsey&Company. By the information of K.Kelimbetov, within work over project progressive international experience of 13 state holdings and agencies on management of state assets of countries of Europe, Asia, Northern America, Australia and Oceania was studied. Last Tuesday informed source in the government informed to the agency Interfax-Kazakhstan, that president signed order about creation in the republic of National state holding Samruk JSC. At that, according to the source, Sayat Mynbayev is nominated as acting chairman of holding, who worked earlier as vice-prime - minister of industry and trade. Meanwhile on January 23 of this year at press conference N.Nazarbayev informed, that does not exclude, that considered state holding may be headed by foreigner. [2006-02-01]