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The Far East Development Corporation will manage the TORs in the Far Eastern Federal District
Russian Prime Minister Dmitry Medvedev signed a decree on the management company of territories for outrunning socio-economic development in the Far Eastern Federal District, on the website of the Russian government.
“The signed resolution of the Ministry for the Development of the Russian Far East is empowered to exercise, on behalf of the state, the rights of a shareholder of the Far East Development Corporation JSC (hereinafter - the Corporation). The corporation is determined by the management company, which is entrusted with the function of managing the territories of advanced socio-economic development (hereinafter - TORs) in the constituent entities of the Federation that are part of the Far Eastern Federal District, ”the message says.
The resolution notes that the Regulations on the Management of Federally Owned Shares of Joint Stock Companies and the Use of the Special Right to Participate of the Russian Federation in the Management of Joint Stock Companies ("Golden Share") is not applied in the case of management of the Federally owned shares of the Corporation, and the powers of the general meeting of shareholders of the company will be carried out by the Ministry for the Development of the Russian Far East.
“The activities of the management company will be financed from budgetary allocations provided for the implementation of the state program“ Socio-economic development of the Far East and the Baikal region ”,” the Russian government says.