The Government approved concept of creation of Samruk state holding on state assets management (updated and expanded version)

/INTERFAX, Astana, February 21, 06/ - Kazakhstan's government at Tuesday's conference in Astana approved the concept of creation of Samruk state holding on state assets management. "The major principle of the founded company: the holding will not be the general manager, like it's in the world practice, but will be an active shareholder, which will not interfere in national companies' operational activities and will hold the policy of the state in this sphere", - Daniyal Akhmetov the country's prime-minister said. He confirmed that on the first stage assets of five national companies would be included in the holding. "During the work we will give our other state assets so that they be in a more effective management", - he added. "Possibly, as time goes by, we will invite specialists from far foreign countries, who will head this company on the existing base", - the premier said, having noted that "this is already a question of time and future history of our country". Akhmetov charged the ministry of economy and budget planning with additional development of the concept in a short period of time jointly with МсKinsey&Company international consulting company, which participated in its development, "taking into account remarks of state bodies", in particular, finance ministry. The premier says for Ministry of economy "it's obligatory to make an agreement about accompanying this project with МсKinsey&Company". "This is conceptually important that in the beginning of the way we have no problems, first of all, about foundation of the holding", - he said. Akhmetov assumes, МсKinsey&Company has carried out "a good work", however it's too early to forecast how efficiently incomes offered for holding foundation will be realized in Kazakhstan. Kayrat Kelimbetov the minister of economy said there had been prepared and given to the government the project of resolution "About measures on realization of the president's decree dated January 28 of 2006 on further protection of state interests in the management of state sector of economy". "This project presumes approval of memorandum about main principles of Samruk holding activity, as well as the list of national companies, given to its authorized capital", - Kelimbetov said. He says the memorandum reflects the purpose of holding foundation, its tasks, functions, as well as "some questions of management and interaction of the holding with the government and national companies". In the minister's opinion, the holding will provide solution of following tasks: "increase of competitiveness and economic efficiency of national companies' activities, introduction of the best world practice of corporate governance, assistance to the government in achieving mid-term purposes on companies development". "State holding will be a professional instrument of state companies interaction with the government", - he said. He says for management of state assets given to the holding it's planned to found a specialized council, which will be a consulting-advisory body in the government. Among these questions he called "determination of strategic purposes of development" of the holding, division into commercial and non-commercial purposes of its work and searching the balance between them, determination of important sectoral initiatives and tasks. Besides, the minister said, the council will deal with "summarizing of efficiency indicators and companies profitability coefficients", will examine "level of dividends payment, allocation and reinvestment of capital, as well as main investment programs, financed from the republic's budget". Kelimbetov also says at present the ministry works over inclusion of changes and additions in the republic's legislation, necessary for holding's activity. He says there has been created an interdepartmental work group consisting of representatives of state bodies and national companies, which will be included in the holding. In particular, the minister says, it's planned to include changes in the president's decree "About the list of state ownership objects, not subjected to privatization". Kelimbetov says mechanism of transferring dividends from the activities of national companies, which will be included in the holding, to the republican budget, will be preserved. "The question concerning allocation of dividends will be solved on corresponding offers of the holding given to the government", - he said, having added that "a part of dividends will be spent for payment of holding's activity". [2006-02-21]