Corporate governance news

RusHydro board sets innovation milestones

11 Feb '11

The board of directors of Russia’s largest energy-generating company, RusHydro, has approved the funding of the company’s innovative expansion, including R&D allocations. The decision is meant to give a boost to the implementation of RusHydro’s 2011-2015 Innovation Development Program.

The program will focus on technology, corporate processes and methodology, information management, and personnel management.

At the first phase (this year), a legal and infrastructure regulation basis for future projects will be reportedly put in place, complete with an organizational structure; projects will also kick off. At the second phase (in 2012), infrastructure is supposed to be complete, and the fundamentals of a Knowledge Management System will be brought to life. Project implementation will continue. At the third stage (starting in 2013), the focus will be on the projects.

RusHydro has plans to allocate up to 3% of its revenue to fund innovation. According to the board, innovation R&D will receive $100m this year and up to $172m in 2015.

RusHydro’s board of directors approved the 2011-2015 Innovation Development Program on December 29, 2010 based on the RF President’s modernization course and the company’s own Strategic Plan for 2015-2020.

According to the Plan, innovation development aims at increasing the value of the company and maximizing its competitive advantages.
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