The Ministry of economic development published a draft decree on renaming of a post of the head of Russian Railways

MOSCOW, July 28. /TASS/. The Ministry of economic development (MED) of the Russian Federation published a draft government resolution, which provides for amendments to the Charter of OJSC “Russian Railways” (RZD). Among them is the extension of the term of office of the head of Russian Railways with 3 to 5 years and rename his position with the President on “CEO – Chairman”, follows from materials placed on the Federal portal of projects of normative legal acts.

“Increasing the term of powers of the sole Executive body of JSC “Russian Railways” due to the need of planning and implementation of the main volume of investment contracts due to the timing of design and construction on them”, – stated in the explanatory note to the draft resolution.

In addition, a similar term of office of Director envisaged in the European railway companies and some of its biggest companies, says the MAYOR.

As for changing the position of the President of the Russian Railways CEO, with the initiative in early 2017, made himself the head of Russian Railways Oleg Belozerov.

The Ministry the expediency of the bill explained the need to give the name of the sole Executive body of the Russian Railways in accordance with the national traditions of corporate governance in the rail sector and the European railway corporate practice.

Russian Railways was formed in 2003 on the basis of the Ministry of Railways. At the same time in the company management system was provided by the office of the President.