The law introduces additional rules regulating the work of state corporations and companies. The Federal Law is aimed at improving the efficacy and transparency of their work, as well as regulating state control over spending of funds.
The Federal Law specifies that a supreme regulatory body must be formed at every state corporation or state company – a board of directors or a supervisory board. The governing body of a state corporation or company is responsible for approving a long-term agenda, determining profit allocation procedure, approving an employee remuneration system, and dealing with other matters.
The law requires state corporations and companies to carry out mandatory audits of their annual accounts and to post their business strategies and annual reports on their official websites.
Under the law, investment by state corporations and companies of temporarily surplus funds should be carried out based on the principles of collectability, profitability, and liquidity of assets to be acquired.