On Thursday the board of directors of FGC discussed among other things the creation of a single company with the Treasury “Rosset” said FSK. It was supposed to note the failure of the September the company’s management board decisions to approve a schedule of transition “Treasury Management System in the group of companies” Rossetti “and instruct the Federal predpravleniya Andrey Murov report back until June 30. But the board of directors on this issue has not taken a decision.
In the past, the Government has instructed state-owned companies to create a common treasury for the management of financial flows “daughters”. This was to reduce operating costs and increase return on investment of available funds, reported “Rossetti”. Directive have received the government and “Rossetti” and FGC.
no agreement
The Board of Directors of FGC 11 seats, June 4, in the work of 10 people participated. A source close to the board, said that the “yes” vote the CEO of “Rossetti” and Chairman of the Board of Directors of FGC Oleg Budargin, his first deputy Andrei Demin and Deputy Director General of “System Operator” Nikolai Shulgin, “against” – Moores and member of the board of directors of SGC Sergei Mironosetsky, “abstained” Deputy Energy Minister Vyacheslav Kravchenko, former Deputy Minister of Energy Sergei Shmatko and CEO of “Gazprom energy” Denis Fedorov. Predpravleniya “Inter RAO” Boris Kovalchuk and assistant president’s expert department of Russia Georgy Nozadze not vote.
«Rossetti” plan to solve the problem of inefficiency of crisis companies (“MRSK North Caucasus”, “Lenenergo”, “IDGC of the South” and others.) By FGC and other sustainable ” daughters “, the representative of the Federal fears Dmitry Klokov. In 2014, revenues “Rosset” under IFRS amounted to 759.6 billion rubles., Of which the FNC had 173.4 billion. In addition, the Federal Government received a directive which would create a single Treasury on the basis of the company, rather than holding Klokov explains. Integration of the Treasury “Rosset” FGC provided by the Board of Directors determine the key policies of all financial and economic issues, he added.
According to the regulations, “Rosset” distribution of liquidity within the group can occur only under conditions not worse than the market, and only by mutual consent “daughters”, indicates the representative of “Rossetti” Dmitry Bobkov. Also, the holding company will not be required to make certain payments, the Treasury will be assigned only the function of monitoring and control and coordination of the individual payments.
The situation is almost unprecedented in the relationship between parent and subsidiary companies. But “Rosset” on the board last two seats, said the director of the Energy Development Fund Sergey Pikin. In addition, the transmission state “Rosset” nearly 80% stake in state-owned Federal State Property Management Agency and entered into a shareholders’ agreement. Therefore, “Rossetti” is not independent in making important decisions, and the Board of Directors rather translates the government’s position, and not holding the Network Management explains Pikin.
On the one hand, the logic of the redistribution of free cash flow is. For example, a few billion in the accounts of FGC could solve the problem of shortage of funds without the involvement of external loans, says Pikin. But in this system, there are risks: FGC can become a “benefit fund” deprived of funds for the implementation of the investment program, and ask for the execution to be still with her management, adds Pikin.
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