Russia abandons its ‘golden share’ in Murmansk Commercial Seaport
RF Prime Minister Dmitry Medvedev has signed a Decree No 1590-r dated August 20, 2014 on cancellation of the special right (‘golden share’) of the Russian Federation to participate in the management of Murmansk Commercial Seaport OJSC.
According to the Government materials, the Decree had been drafted by the Ministry of Economic Dec in compliance with the Federal Law dated December 21, 2001 No178-FZ On Privatization of the State and Municipal Property.
A decision to use a special right of the Russian Federation in the management of an open joint stock company (‘golden share’) is generally adopted to ensure defensive power of the country, protect its citizen’s health/rights/interests.
The statement says that the Company does not influence macroeconomic processes in Russia or regional social processes, neither it is a city-forming enterprise.
The Company does no participate in state programmes related to the development of the continental shelf in the Arctic region or other projects related to safety and defense interests of Russia.
Murmansk Commercial Seaport OJSC does not own any strategic property. It was excluded from the list of strategic enterprises by the Presidential Order dated June 18, 2010 (No 762).
Production activities of the Company is not associated with the targets specified in Clause 1 of Article 38 of the Law No 178-FZ. Therefore, there is no need to use a special right (‘golden share’) of the Russian Federation in the management of Murmansk Commercial Seaport OJSC.
“The decision will let eliminate excessive administrative barriers and ensure further development of the Company”, the statement says.
Murmansk Commercial Seaport OJSC was set up in compliance with the order of RF President “On organizational measures to transform state-owned enterprises, voluntary associations of state enterprises into joint stock companies” (No 721).
The decision to use a special right (‘golden share’) of the Russian Federation in the management of the Company was approved by the Governmental Decree No 1343-r dated August 12, 2010.
Major activities of the Company (cargo transshipment) are standard services provided by stevedoring companies in Russia. Technologies and equipment applied by Murmansk Commercial Seaport are not unique.
