The document was drawn up on the basis of the president’s instruction to set up a special corporation, uniting all the country’s nuclear energy and industry enterprises. It is to be formed by reorganising the Rosatom Federal Agency for Atomic Energy and will have the same name, ITAR-TASS reported.

The “Atomenergoprom” holding, the enterprises of the nuclear weapons complex, the fundamental science institutions, and the enterprises working on problems of nuclear and radiation safety, will be subordinated to it.

The purpose of the corporation is to guarantee the stable functioning of all the organisations of the atomic energy and nuclear weapons complexes, to ensure nuclear and radiation safety, and also to create conditions for the stable functioning of all the organisations of the defence sector.

The corporation’s property will be formed on the basis of the Russian Federation’s property contribution, subsidies from the federal budget, and means from the special reserve funds. Handed over to it will be all the shares of the Atomic Energy Industry Association and also the property of the federal state unitary enterprises, which are now managed by the Federal Agency for Atomic Energy. A transition period of not more than three years after the law comes into force is being fixed to hand over the entire property contribution of the Russian Federation.

The bill determines the competence of the Russian president and government, applicable to the procedure of setting up and ensuring the operation of the new corporation. There will be a 9-man Supervision Council among its governing bodies, eight of whom will be representatives of the Russian president and government, and also a director-general, who is to be appointed by the head of state. The members of its Board are to be appointed by the Supervision Council on recommendation of the director-general and will be working on a permanent basis. The second reading of the bill specified the functions and powers of the corporation and fixed the term of office of members of the Supervision Council (not more than five years). Furthermore, it was determined that the profits of the corporation should be used only to attain the goals for which the corporation is being formed. It was decided also to publish annual reports on the corporation’s site, except classified information.

Rosatom Chief Sergei Kiriyenko had previously stated that he expected the corporation to be formed already in the first quarter of 2008.

Duma Vice-Speaker Vladimir Katrenko believes “Rosatom” will be “a consolidated structure, responsible for civilian and defence atomic complexes”. Thereby, he noted, we shall guarantee the concerted management of all the organisations of this branch of the national economy, thereby contributing to the more effective coordination of the atomic sector’s work in fundamental science and in the weapons domains, in the field of nuclear safety and in the implementation of the long-range program for the development of the entire nuclear industry complex.

Katrenko also noted that “Rosatom”, as a new managerial model, will not only direct the work of the huge Russian atomic energy sector, but will also conduct scientific research, experimental and designing work, will take part in the development of new technologies and installations, designed to make more effective use of atomic energy. “Rosatom” is bound to strengthen our country’s positions on the world market, Katrenko is sure, reported ITAR-TASS.