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Home / CURRENT CORPORATE LEGISLATION / The NCCG comments on the draft law "On amendments to Federal laws" On joint stock companies" and "On limited liability companies - LLC" (concerning regulation of certain aspects of major transactions and related-party transactions).

The NCCG comments on the draft law "On amendments to Federal laws" On joint stock companies" and "On limited liability companies - LLC" (concerning regulation of certain aspects of major transactions and related-party transactions).

The bill is intended to make significant changes to the legislation on major transactions and related party transactions. In particular:

  1. The law entered a new definition of major transactions.
  2. The number of large transactions and transactions with interest now proposed include employment agreements with the Chief Executive Officer and members of the management Board of the company.
  3. The bill provides new parameters of the definition of a major transaction approved by the Board of Directors.

In general, the business community is interested in the speedy adoption of this draft law, but, nevertheless, on a number of provisions of the bill heard some criticism. Main comments concerned the excessive expansion of the definition of a major transaction, which in future may lead to congestion companies excessively frequent votes of the Board of Directors. There have also been criticism is groundless borrowing the terminology of the tax law, which because of their nature, cannot be fully applied in the sphere of corporate legislation.

Findings of Survey held by National Council on Corporate Governance and Russo-British Chamber of Commerce Moscow, 2010
Joint Survey by NCCG and KPMG, June 2009
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