Foreign shareholders will be limited in their rights. Prevention of capital flight abroad.
The organization of entrepreneurs of the Russian Federation - the Russian Union of Industrialists and Entrepreneurs (abbreviated as RSPP) proposed to the Government to restrict the basic corporate rights of non-resident shareholders. The head of the RSPP Alexander Shokhin sent a letter with relevant proposals. The purpose of the innovations is to stabilize the situation in the management of legal entities and protect the interests of domestic shareholders.
In relation to non-residents and stateless shareholders (whose citizenship has not been established), who are members of strategically important enterprises and companies with significant state participation, it is proposed to apply the following measures:
deprivation of the right to vote at the general meeting. The list of issues on which their votes will not be taken into account is to be developed by the Central Bank or the Government of the Russian Federation;
deprivation of the right to demand the redemption of shares when making a decision on the reorganization of a legal entity or introducing provisions into the charter that restrict the rights of participants;
restriction of the right to receive dividends. Thus, it is planned to give the company the right to decide on non-accrual and non-payment of dividends to non-resident shareholders;
deprivation of the right to gain access to the legal entity's documentation and other information;
deprivation of the right to demand an extraordinary meeting of participants of the legal entity. The Company, in turn, loses the obligation to send voting ballots to non-residents.
In addition, it is proposed to introduce a number of restrictions. A. Shokhin, in a letter to M. Reshetnikov, emphasizes that the restrictions should be temporary and suggests an approximate period for their validity - until the end of this year.
Earlier, by decree of the President of the Russian Federation, restrictions were already introduced for investors from unfriendly countries (their list was updated on March 5, 2022, all Western states that supported anti-Russian sanctions were added to the list) in order to ensure financial stability in the Russian Federation. A ban has been introduced on transactions involving the disposal of Russian securities, real estate and other assets without the approval of a government commission.
At the same time, the officials stressed that the purpose of introducing these restrictions is to prevent the flight of capital abroad, the bans should not be used to pressure foreign investors and deprive them of their voting rights and demand for share buyback, because corporate rights are an integral part of ownership. Vladimir Putin also said on March 16 that it is necessary to respect the rights of foreign investors remaining in Russia and provide them with opportunities for development.
We will be happy to provide you with legal assistance regarding the minimization of legal risks and available opportunities. We will try to find a solution that is right for you.
Call +7 (383) 310-38-76 or write to info@vitvet.com.
We recommend that you read our blog dedicated to legal and judicial cases (arbitration practice) and read the materials in the "Articles" section.
Our law firm provides various legal services in different cities of Russia (including Novosibirsk, Tomsk, Omsk, Barnaul, Krasnoyarsk, Kemerovo, Novokuznetsk, Irkutsk, Chita, Vladivostok, Moscow, St. Petersburg, Yekaterinburg, Nizhny Novgorod, Kazan, Samara, Chelyabinsk, Rostov-on-Don, Ufa, Volgograd, Perm, Voronezh, Saratov, Krasnodar, Togliatti, Sochi).
We will be glad to see you among our clients! Call or write right now!
Phone +7 (383) 310-38-76
Email info@vitvet.com
Law firm "Vetrov and partners"
more than just legal services
WhatsApp
Telegram