The Non-Commercial Foundation for Enterprise Restructuring and Financial Institutions Development, hereinafter referred to as the FER, was established under Regulation of the Government of the Russian Federation No. 582-Р dated 12 April 1996 and filed with the Ministry of Justice of the Russian Federation as a non-commercial organization on 5 July 1996. In 1997 the foundation was reorganized and the FER Charter was amended so as to allow the FER the possibility of managing several projects at a time. In this connection on 27 June 1997 the FER was re-registered with the Ministry of Justice of the Russian Federation.

FER Founders and Members

The Founders and Members of the Foundation, which under the Foundation Charter have equal rights and obligations, are: the RF Ministry of Finance, The RF Ministry of Economic Development and Trade of the RF, the National Foundation for Housing Reform, the International Center for Socio-Economic Reforms “Leontiev Center”.

FER Organizational Structure

The FER organizational structure is called upon to ensure a simultaneous effective implementation of several complex interagency projects financed from the funds provided by international finance organizations and comprises the following:

• FER Board,
• Project Management Committees,
• Foundation staff.

Foundation Board

The Board of the Foundation is the highest governing body of the FER. The representatives of all Founders and Members of the Foundation are Members of the Board of the Foundation. At present the Foundation Board comprises 7 representatives of the Founders / Members.

The Board of the Foundation is in charge of the FER development strategy; approves the plans of the Foundation activities, the budget, the structure of the staff, the staff list, the tariff scale; adopts the decision on commencement of the Foundation activities under new projects, performs other functions as stipulated by the Charter. The Board of the Foundation, however, has no powers for decision-making on specific projects. Their management, in accordance with the Charter, is passed to the committees for the management of projects (Project Management Committees ).