SPMF Head on creation of National Management Company JSC

Bishkek, June 25, 2019. /Kabar/. The National Management Company OJSC was created to increase the level of corporate governance of state-owned companies, namely through the effective implementation the entitlement of the state as a shareholder of state-owned companies, Renat Tuleberdiyev, the Chairman of the State Property Management Fund (SPMF) told during the press conference at Kabar News Agency
He said that the management company should become the only channel of interaction between the government and state companies.
"There are 106 state-owned enterprises in Kyrgyzstan, of which 30 companies are shareholders of the SPMF. The National Management Company will be operational by autumn 2019. Funding for the next 2 years will come from grant funds, talks are under way with the Asian Development Bank and the World Bank," Tuleberdiyev said.
The SPMF's functions still include accounting for state property, renting out state-owned buildings and privatization, etc.
"The Fund has done its historic mission. The Management Company should act as an active shareholder, and it should not become an additional level of management," Tuleberdiyev added.
The chairman of the Fund said the daily management of public companies should be the responsibility of their management. "The focus of the management company should be on tasks related to the search for managers with the right qualities, setting the right goals, creating incentives, critical assessment of management decisions and monitoring of management activities," Renat Tuleberdiyev stressed.
He also noted that the main mission of the Management Company is to become a structure that creates additional value for public assets through their management in accordance with the standards of corporate governance.
"We are confident that with our joint efforts we will be able to achieve high results," Tuleberdiyev concluded.