Portfolio Structure

The Group owns a diverse set of public and private companies

As a diversified holding company, Sistema invests in a range of companies which meet its investment and return criteria. Materiality of these investment various in accordance with the size of each company and sistema's ownership.

At the corporate holding level investments are managed by Sistema's Vice Presidents. The Managing Board includes twelve Vice Presidents. Eight Vice Presidents are responsible for individual projects making up an investment portfolio. The remaining four Vice Presidents are responsible for corporate functional divisions.  Portfolio composition depends on deal origination and relevant sector experience of each Vice President. Currently Sistema has eight portfolios managed by eight Vice Presidents and managing board members. 

Owing to the relative materiality of our holdings, however, we continue to have seven reporting segments with material subsidiaries disclosed separately: MTS, Bashneft, SSTL, RTI, MTS Bank, Corporate and Other.  The other category includes Bashkirenergo, Sistema Mass Media, Detsky Mir, Intourist, Medsi, Binnofarm, NIS