Government resolution
Government of The Russian Federation resolution #476 of August 9, 2006 MOSCOW
About establishing the Open Joint Stock Company ‛Russian Investment Fund for Information-Communication Technologies“
The Government of the Russian Federation resolves:
1. The Ministry of Economic Development and Trade of the Russian Federation shall ensure in accordance with established procedure:
a) establishment of the Open Joint Stock Company ‛Russian Investment Fund for Information-Communication Technologies“ (hereafter, ‛Open Joint Stock Company“), with 100 percent of shares thereof being federally owned;
b) contributing cash assets of the Investment Fund of the Russian Federation in the amount of 1,450 million rubles into the authorized capital of the Open Joint Stock Company;
c) upon establishment of the Open Joint Stock Company in accordance with the Federal law ‛About joint stock companies“, increase in the authorized capital through an additional issue of the Open Joint Stock Company’ shares amounting to 100 percent of the authorized capital minus one share with paying up of shares additionally placed by public subscription;
d) jointly with the Ministry of Information Technologies and Communications of the Russian Federation, approval of the Articles of Association of the Open Joint Stock Company, which shall include the following provisions:
Investments in the property of companies operating in the area of information and communication technologies constitute the exclusive business purpose of the Open Joint Stock Company;
The projects in the area of information and communication technologies can only be financed after the federal-owned portion of registered ordinary shares reduces to 51 percent of the total number of registered ordinary shares of the Open Joint Stock Company, and the timeframe for this reduction may not exceed one year;
The maximum remuneration of the Management Company’s equals to 2 percent of average annual net assets value of the Open Joint Stock Company during the first year of its performance;
The maximum amount allocated for implementation of one investment project may not exceed 100 million rubles or 3 million US dollars;
e) alienating in 2009 the federal-owned shares of the Open Joint Stock Company, with the Russian Federation keeping 25 percent of shares plus one share in the authorized capital of the Open Joint Stock Company;
f) alienating in 2010 the federal-owned shares of the Open Joint Stock Company, the Russian Federation not keeping any share in the authorized capital of the Open Joint Stock Company.
2. The Ministry of Information Technologies and Communications of the Russian Federation jointly with the Ministry of Economic Development and Trade of the Russian Federation shall ensure, as established by the law, approval of the Investment Declaration of the Open Joint Stock Company and formation of its Board of Directors.
3. To resolve that the Provisions on the Investment Fund of the Russian Federation approved by the resolution of the Russian Federation Government #694 of November 23, 2005, which establish investment project selection procedures, rule that the positive investment adviser’s opinion is required, that every investment project shall go through the investment project selection procedure, that the commercial organizations participating in investment project implementation shall provide the funds in the amount of no less than 25 percent of the estimated cost of the project, that the investment project passport shall be certified, and which also limit the minimum estimated cost of the investment project, shall not be applied to allocate funds of the Investment Fund of the Russian Federation to form the authorized capital of the Open Joint Stock Company.
4. The powers of the shareholders of the Open Joint Stock Company on behalf of the Russian Federation shall be exercised by the Ministry of Information Technologies and Communications of the Russian Federation.
Chairman of the Government
of the Russian Federation Mikhail Fradkov
Government resolution
