Commenting on the results of the conference to journalists, the First Deputy Prime Minister announced that by June 2009 the officials representing the Government in joint stock companies would be replaced by independent directors. By that time annual meetings of shareholders will have been held to elect the boards of directors. At the same time the Government will keep one seat on the board of directors.

As regards joint stock companies wholly owned by the Government, in some of them "the replacement of directors with independent ones has already taken place and in others it will take place shortly," Mr Shuvalov said.

In joint stock companies where the Government holds a less than 100% stake "consultations with private shareholders will be held to find out whether they agree to hold an extraordinary meeting and approve an independent director," the First Deputy Prime Minister said.