Golden Share as a Tool of Corporate Strategic Management of the State

摘要

For countries with transition economies, where the process of market transformation is a long-term task, the issues of strategic management of public property are urgent. In Russia, traditionally, as well as in the world practice, the importance of state property is associated with industries and sectors having an effect on the socio-economic situation in the country. The authors believe the optimal choice of strategic management tools to be of great importance in the development of corporate management. The paper deals with one of these tools, namely a golden share showing the reasons for using this tool and giving examples of applying it in different countries. The very concept of golden share is present in the laws of many countries though it is not well-defined. The authors give the definition of a golden share, its characteristics included. The historic and legal analysis of the Russian practice shows that this tool is used in the industries of strategic importance to ensure the defense and security of the state or influence the socio-economic stability in society. Finally, the authors comment on pros and cons of a golden share for the state, for the company and for its investors.