Shasta’s Strategic Shift: A Pledge to Protect Pensions and Bolster Iran’s Economy
In a major address to the press, the CEO of Iran’s Social Security Investment Company (Shasta) has laid out a comprehensive vision for the firm’s future, firmly pledging that its ongoing asset transfers will not harm the pensions or livelihoods of workers and retirees.
Addressing Public Concerns
Speaking at a press conference in Tehran, CEO Mohammad Reza Saeedi directly confronted public anxieties surrounding the divestment of some of Shasta’s holdings. He clarified that these transfers are a mandate under Iran’s Seventh Development Plan law. “We are striving to implement this duty by observing all protocols, legal formalities, and aspects of the work so that no right of the stakeholders is infringed,” Saeedi stated.
He assured the public that the process is designed not only to be safe but beneficial. “According to the law, the transfer of assets must be for investment in new businesses,” he explained, noting that any single investment would be less than 20%. “Studies by Shasta show that this process is not to the detriment of workers and pensioners; rather, it enhances the return on the company’s assets and strengthens it.”
An Economic Powerhouse
The press conference served to highlight Shasta’s immense role in the national economy. Saeedi detailed that the conglomerate is active in 28 provinces, contributes 2-3% to the nation’s GDP, and holds an 8% share of the capital market. With over 176 subsidiary companies across 21 industries and a workforce of 74,000, Shasta produces over 1,641 products, ranging from infant medicine to petroleum products and metals.
Financially, the CEO pushed back against narratives of the company being loss-making. He reported that last year, Shasta’s subsidiaries generated 402 trillion tomans in revenue with a consolidated profit of 72 trillion tomans. The parent company itself posted a net profit of 32.5 trillion tomans.
Navigating Challenges and a New Strategic Direction
Saeedi was candid about the challenges Shasta faces, listing a multitude of issues from numerous regulatory bodies and unpaid government debts to subsidiaries, to political interference and international sanctions. A key challenge he identified is the divergence between Shasta’s core function and political expectations.
“Political stakeholders expect Shasta to be a job-creation agency and take on responsibility for the economic development of provinces,” Saeedi said. “Whereas Shasta is fundamentally an economic and investment enterprise that should focus on developing productive entrepreneurship, creating sustainable wealth, and fostering technology and innovation.”
In response, he outlined a strategic shift from direct corporate management towards a portfolio-based shareholding model. This, he argued, would increase returns, enhance transparency, and allow Shasta to focus on its primary economic mission. He emphasized that all asset transfers would be responsible and deliberate, not hasty, to protect the organization’s value.
Commitment to Meritocracy and Internationalization
In a firm rebuke to rumors of nepotism, Saeedi asserted that managerial appointments are based solely on knowledge, skill, integrity, and teamwork. “The term ‘aghazadeh’ has no meaning in Shasta,” he declared, adding that any corruption would be pursued.
Despite sanctions, the CEO confirmed that Shasta will not wait for their removal and will continue with its internationalization programs. He also clarified that Shasta is not responsible for covering the Social Security Organization’s fund imbalance, calling such perceptions a misunderstanding.