State corporation
From Wikipedia, the free encyclopedia
State Corporation (Russian: Государственная корпорация) is a type of legal entity in Russia. It is a non-profit organization. This form is different from Unitary enterprise and from Open joint stock company (OJSC). Under the law “On Noncommercial Organizations,” property transferred to as the investment in a partnership is the property of the partnership. The partnership itself is no one's property. It manages its assets as described in its charter. The rights of the founder are considerable in the partnership, but they are still not ownership rights. There is only one founder in a state corporation, and it is the Russian Federation. That is why the state corporation is independent. The state corporation is not subject to the provisions on disclosure, mandatory for OJSC's. State Corporation is not obliged to submit to public authorities documents containing an account of its activities (except for a number of documents submitted to the Russian government). State corporations, as a rule, are subordinate not to the government, but to the Russian president, and act to accomplish some important goal. Control of the Government is implemented on the basis of annual corporation, annual report on the audit opinion of accounting and financial reporting (accounting), as well as the conclusion of the auditing commission on the results of verification of financial (accounting) statements and other corporation documents. Any other federal government departments, organs of state power of subjects of the Russian Federation, the local governments have no right to interfere in the activities of the State corporation.
