Financial Control over the Activities of State Owned Corporations in the Russian Federation

Saglar S Ashtaeva (), Georgiy L Rubeko (), Kermen V Lidzheeva (), Anna V Ivanenko () and Elvira O Osadchenko ()
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Saglar S Ashtaeva: Department of Civil and Business Law Kalmyk State University Russia, Postal: RU
Georgiy L Rubeko: Department of Civil and Business Law Kalmyk State University Russia, Postal: RU
Kermen V Lidzheeva: Department of Civil and Business Law Kalmyk State University Russia, Postal: RU
Anna V Ivanenko: Department of Administrative and Financial Law Volgograd Cooperative Institute of Russian University of Cooperation Russia, Postal: RU
Elvira O Osadchenko: Department of Administrative and Financial Law Volgograd Cooperative Institute of Russian University of Cooperation Russia, Postal: RU

Journal of Advanced Research in Law and Economics, 2016, vol. 7, issue 6, 1294-1299

Abstract: State owned corporations in Russia act today as independent subjects of legal relations including the financial component Taking into account the fact that the state owned corporations were established at the expense of budgetary public funds at quite significant financial investments of the state in these structures certain risks were associated with effective management of these assets In this regard the state deliberately and consistently provides effective legal regulation of financial control over corporate activities Property contributed by the Russian Federation including financial means served as the basis for economic development of corporations The ambiguous situation with the transfer of all rights on federal property and the lack of necessary control over this property was widely criticized In March 2008 the Expert Council of the Committee on Industrial Policy of the Russian Federation Council Report of the Expert Council 2007 concluded that the functions carried out by state owned corporations can and should be performed either by federal executive bodies or commercial organizations whose capital partly belongs to the state

Date: 2016
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