A joint meeting of the National Corporate Governance Council and Corporate Relations Committee of the Russian Union of Industrialists and Entrepreneurs (RSPP) discussed the entry into force on September 1, 2014 of large-scale amendments to the Civil code of the Russian Federation.
A fundamentally new approach to the classification of legal persons and the nature of the companies represented the main interest for the business community. In particular, experts from major Russian state-owned and private companies and banks discussed the new provisions of the Civil Code, according to which the CEO shall act on the basis of authorization from the company. During two months until September 1, the legislator will have no time to amend the relevant laws to bring them into compliance with the new edition of the Civil code. Thus, many of the controversial issues and contradictions in the corporate legislation will have to be addressed by the courts.