The state corporation
The state corporation is a legal form of uncommercial organization in Russia. This form differs from that of a joint stock company with the majority role of the state, as well as from the state united companies. In particular, the state corporation is not bound by the "open information" requirement, which is mandatory for the open joint stock companies, neither is it bound by the law on bankruptcy. Also, the state corporations are not under control of some state organs.
The state corporations do not have to present to the state organs the documents which contain the reports on their activities (except for some documents, which must be presented to the government of the Russian Federation). In particular, the state organs, without obtaining the permission from the state corporation, have no right to:
The property of the state corporation is not that of the state.. The state corporations are not bound by the federal law No. 127 - F on bankruptcy.
- request to see the documentation from the management body of the corporation;
- request and receive information on the financial activities of the corporation from the national statistics departments, the federal executive organs, which have the right to take control of the taxes payable by the corporation, and from other state control organs, as well as from credit and finance organizations;
- send its representatives for the purpose of taking part in the activities pursued by the corporation;
- pursue any checks on the corporation's activities, including the spending of the finances and usage of other assets, and their accordance with the aims set out the corporation's statutory documents in the order set by the federal organ of the executive authorities, performing the function of legal regulation in the sphere of jurisdiction;
- in case of any breach of law of the Russian Federation or in case of breaching its authorities as per the statutory documents of the corporation, to present the corporation with the warning, explaining the breach and outlining the deadline;
- Make sure that the expenditure of the finances and the usage of the property of the corporation matched the aims outlined in the statutory documents of the corporation.
The control over the activities of the corporation is the responsibility of the government of the Russian Federation, which is presented by an annual report of the corporation, the auditor's statement on the accounting and financial reports, and also the statement of the revision commission on the results of the checks of the financial reports and other documentation of the corporation. Any other federal organs of the state authority or other organs of the local authority have no right to interfere in the activities of the corporations. The state corporation is not obliged to publish the above mentioned reports.
All issues relating to the legal status of the state corporations, including the order of assigning the head of the corporation, are set by the law, governing the establishment of the state corporation (in accordance with the majority of laws of this kind, the head of the corporation is the president of the Russian Federation).
In the second half of 2007, the process of establishing various state corporations has gathered some momentum. In particular, the following state corporations are being formed: "The fund of assisting the reformation of the housing communal services", "Rostechnologies", "Rosnanotech", "Olympstroi". The Bank of Development as well as the "Agency on the investment insurance" is also state corporations. A few politicians and government officials have also expressed a wish to create state corporations in the area of fishing, housebuilding, road construction, pharmaceutical industry, machinery building. At the same time the state corporations "United Aircraft building corporation" and "United Shipbuilding Corporation" have been established as joint stock companies, and not the state corporations.