For the first time in the history of Russian venture: the Rosinfokominvest fund insured the management from mistakes
Until now, liability insurance of the management and members of the board of directors in Russia was used by corporations and public companies. The state fund for investments in IT “Rosinfokominvest” has become a pioneer among venture funds.
“It is important to protect decision makers. For example, people on our board of directors work for free, but they are responsible for a lot, ”explained Pavel Rodionov, general director of Rosinfokominvest. According to the contract, the insured persons are the members of the board of directors, the investment committee, the general director, the chief accountant, as well as other employees of Rosinfokominvest OJSC and its subsidiaries.
“The directors liability insurance covers the justified and necessary expenses of the insured persons for legal protection when third parties submit claims to them arising from the fact that the insured persons performed their official duties at Rosinfokominvest OJSC,” the fund explains.
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The total cumulative limit for all losses is 300 million rubles. Among them - the loss of all insured persons on all insurance coverage, including protection costs. The contract is concluded for a period of one year and covers all possible risks that could arise from July 1, 2014. The partner of the fund is the company AIG - CJSC "AIG Insurance Company".
“In the world and in our country, this practice is common among public companies. But development institutions - Skolkovo , Rosnano , RVC , IIDF - did not conclude such agreements, therefore our agreement with AIG can be considered a precedent, ”says Mr. Rodionov.
The Internet Initiatives Development Foundation (IIDF) does not insure the responsibility of its employees, management and members of the fund’s council, Sergei Skripnikov, a representative of the IIDF, told Kommersant.
“The cases of applying [insurance] to Russian venture capital funds in the industry are unknown: this business is in itself high-risk,” said an unnamed Kommersant interviewee.
Liability insurance is very common in the United States, including among the management of investment funds, says managing partner of GVA Vestor.In Pavel Cherkashin. However, venture funds rarely use such a mechanism, because they want to see full involvement from managers, he points out. “Insurance helps protect you from investors,” he concludes.
For the first time in the past four years, the Rosinfokominvest Foundation has become profitable, wrote Megamind on April 1. At the end of 2015, the net assets of the fund for investment reserves grew by 130 million rubles. Rosinfokominvest with a volume of 1.45 billion rubles was founded in 2006 for venture investments in IT projects. Over the past 10 years since then, the fund has not made a single core investment, but placed money on bank deposits and sent them to purchase securities.
Rodionov explains the delay in investments by the fact that the Ministry of Communications and the Board of Directors set the task for the fund to restart activities. Back in 2015, Rosinfokominvest studied more than 100 projects and conducted an audit of four of them. The final decision to invest in them, however, was not made, since Rosinfokominvest's specialists revealed in these projects “risks that exceed the limits set by the fund,” Rodionov told Vedomosti.
“It is important to protect decision makers. For example, people on our board of directors work for free, but they are responsible for a lot, ”explained Pavel Rodionov, general director of Rosinfokominvest. According to the contract, the insured persons are the members of the board of directors, the investment committee, the general director, the chief accountant, as well as other employees of Rosinfokominvest OJSC and its subsidiaries.
“The directors liability insurance covers the justified and necessary expenses of the insured persons for legal protection when third parties submit claims to them arising from the fact that the insured persons performed their official duties at Rosinfokominvest OJSC,” the fund explains.
')
The total cumulative limit for all losses is 300 million rubles. Among them - the loss of all insured persons on all insurance coverage, including protection costs. The contract is concluded for a period of one year and covers all possible risks that could arise from July 1, 2014. The partner of the fund is the company AIG - CJSC "AIG Insurance Company".
“In the world and in our country, this practice is common among public companies. But development institutions - Skolkovo , Rosnano , RVC , IIDF - did not conclude such agreements, therefore our agreement with AIG can be considered a precedent, ”says Mr. Rodionov.
The Internet Initiatives Development Foundation (IIDF) does not insure the responsibility of its employees, management and members of the fund’s council, Sergei Skripnikov, a representative of the IIDF, told Kommersant.
“The cases of applying [insurance] to Russian venture capital funds in the industry are unknown: this business is in itself high-risk,” said an unnamed Kommersant interviewee.
Liability insurance is very common in the United States, including among the management of investment funds, says managing partner of GVA Vestor.In Pavel Cherkashin. However, venture funds rarely use such a mechanism, because they want to see full involvement from managers, he points out. “Insurance helps protect you from investors,” he concludes.
For the first time in the past four years, the Rosinfokominvest Foundation has become profitable, wrote Megamind on April 1. At the end of 2015, the net assets of the fund for investment reserves grew by 130 million rubles. Rosinfokominvest with a volume of 1.45 billion rubles was founded in 2006 for venture investments in IT projects. Over the past 10 years since then, the fund has not made a single core investment, but placed money on bank deposits and sent them to purchase securities.
Rodionov explains the delay in investments by the fact that the Ministry of Communications and the Board of Directors set the task for the fund to restart activities. Back in 2015, Rosinfokominvest studied more than 100 projects and conducted an audit of four of them. The final decision to invest in them, however, was not made, since Rosinfokominvest's specialists revealed in these projects “risks that exceed the limits set by the fund,” Rodionov told Vedomosti.
Source: https://habr.com/ru/post/300050/
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