The requirements for the Articles of Association of joint-stock companies will be optimized

Apr, 14 2021

The State Duma has adopted in the first reading legislative amendments in the field of corporate law, which contain requirements for the Articles of Association of a joint-stock company. The adoption of the relevant amendments is caused by the analysis of law enforcement practice and the need to optimize the requirements in terms of eliminating duplicate provisions of the legislation.

Therefore, it is proposed to legally fix the mandatory reflection of the following information in the AoA of the JSC:

  • on the rights of shareholders – owners of ordinary shares;
  • on the procedure for preparing and holding general meetings of shareholders.

In addition, the changes will affect the time frame of holding the general meeting of shareholders and the number of members of the Board of Directors or the Supervisory Board. Meanwhile, it is proposed to assign to the bodies of a legal entity the right to approve internal documents of the company regulating corporate relations.

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