Following a conference at the Institute of Contemporary Development, First Deputy Prime Minister Igor Shuvalov told reporters that by June 2009 government officials serving on the boards of state-controlled companies would be replaced by independent directors.

The state will retain only one position on the boards, he explained, noting that this process has already begun at several state companies. At companies where the state does not have 100% ownership, the independent directors will be selected in consultation with the minority shareholders.

The conference focused on the development of the institution of independent directors in Russia. Other participants included Alexandra Levitskaya, Deputy Minister of Economic Development; Elena Kuritsyna, Deputy Head of the Federal Service for Financial Markets; RSPP President Alexander Shokhin; and a number of other business representatives.