Ali Sadeghi, CEO of the Farhangian Reserve Fund Institute, referring to the actions taken in the past year in the field of listing and organizing companies, said: Organizing companies and assemblies is a clear and obvious example of moving towards realizing “ownership value” and this action will express a commitment to transparency and protecting the interests of stakeholders.
According to the Public Relations and International Affairs of the Farhangian Reserve Fund Institute, Sadeghi said at a specialized conference on improving the processes of holding assemblies with the presence of board members, CEOs of holding companies and subsidiaries: The results of a year of activities and actions of companies are determined by holding assemblies, and the assembly report should be informed to the fairgoers in its most accurate and transparent form.
The CEO of the institute emphasized: “There are usually changes at the beginning of each management period, but we acted with an emphasis on justice and transparency and we will continue to move on this basis. From day one, we pledged that our main criterion in evaluating managers would be their actual performance.”
He added: A comprehensive one-year assessment of holdings and subsidiaries shows that effective steps have been taken in the direction of corporate governance and organizational discipline in the past year. The revival of specialized corporate governance committees, streamlining management processes, and decision-making based on data and transparency have been among the results of this approach.
Assemblies; The Institute’s Transparency Tribune
Sadeghi considered holding assemblies on time and in accordance with the law to be the institute’s transparency tribune and stated: Holding general assemblies based on the announced schedule and providing accurate information to members should be a basic principle on the agenda of all companies. The institute’s member educators should know what is going on in the institute’s subsidiaries.
He noted: Determining the definitive assignment of 10 percent of audit clauses and fully implementing the approvals are among our main priorities. Also, next year’s budget must be incremental and no budget reduction will be accepted by the institute.
Realization of the Institute’s Annual Budget Despite Imbalances and Economic Conditions
The CEO of the Institute, while referring to the difficult economic conditions of the country, said: Despite the challenges arising from imbalances, regional wars and economic recession, fortunately the Institute’s projected budget has been realized in the current fiscal year. This shows the effort and empathy of managers and employees.
He added: In line with implementing smart governance and strengthening corporate governance, the process of listing 9 companies, including two holdings, has begun and is in the final stages. This measure, while enhancing transparency, will contribute significantly to increasing the ownership value and public trust of members.
Payment of 40,000 low-cost facilities and the start of installment travels
Emphasizing the necessity of providing welfare services to the members of the institute, Sadeghi said: In previous years, the issue of the welfare of educators had been marginalized, but we were able to pay more than 40,000 low-cost facilities to retired educators without any cost from the fund’s resources.
He clarified: Our plan is to use the capacity of the tourism bank, by separating the years of membership, to continue providing these facilities in stages so that all educators who are members of the institute can benefit from them.
The CEO of the institute added: In addition to this plan, providing travel facilities to working educators is also on the agenda. Currently, the pilot project is being implemented in five cities: Shiraz, Isfahan, Kish, Babolsar, and Mashhad, and will be expanded to other provinces by the end of the year.
Collecting 4 million of outstanding claims in the past year
Sadeghi considered one of the institution’s main challenges to be the issue of outstanding claims and said: If we only focus on collecting claims, the profit from many economic activities will be greater. Therefore, in addition to creating profits for educators, we must have a special focus on collecting claims.
He stated: Fortunately, in the past year, about 4 million of the institution’s outstanding claims have been collected. Including a project in Mashhad that was pending for 11 years and has now returned to the ownership of the fund with the efforts of colleagues.
Completion of National Mega Projects by the Institute’s Subsidiary Companies
The CEO of the Institute, referring to the completion and preparation of national projects, said: In difficult economic conditions, we managed to complete two major national mega projects, which are a source of pride for Farhangian, the Fund, and the government.
Sadeghi stated: Sabalan 2 Petrochemical is in the final stages and will soon be inaugurated in the presence of the President. Also, the Behshahr Golurd Bridge project has been completed in cooperation with Farhangian Investment Holding and Arak Machinery Company.
He added: Isfahan Jannat Hotel will soon be inaugurated during the President’s provincial visit and in the presence of the Minister of Education, which is one of the Institute’s important achievements during this period.
Structural Transformation and the Beginning of the Era of Smart Governance
Dr. Sadeghi said: On the path to realizing smart governance, seven key systems, including legal systems, contracts, transactions, and transparency, have been designed and are ready to be inaugurated in the presence of a high-ranking official of the Ministry.
He stated: “Also, the reorganization of the company structure with the aim of eliminating loss-making companies, merging parallel missions, and determining the fate of inactive companies is in the final stages.” The CEO of the institution noted: “With the final decision of the Board of Trustees and the cooperation of regulatory bodies, the Farhangian Reserve Fund Institute is taking steps towards agility, transparency, and sustainable value creation for its members.”