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Rusnano, Russia’s major state investment fund, is enforcing a rigorous redundancy program in a move to cut down on its administration costs.
Its head Anatoly Chubais told Vedomosti daily that his aim is to bring down management costs from 2.5 to 1-1.5 percent to match the standards of the world’s leading investment institutions.
In 2012, the corporation downsized some 15 percent of its staff, mainly in the back office, he said.
Rusnano was set up in 2007 as a state investment corporation and transformed into a joint stock company in 2011. Now the institution worth getting ready to an IPO.
Author: Mikhail Vesely
