Do the Minority Shareholders of Russian Corporations Need More Protection?

IF 0.5 Q3 LAW European Company Law Pub Date : 2022-02-01 DOI:10.54648/eucl2022003
Zhibek Mukhamedkarim
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Abstract

Russian corporate governance has traditionally been viewed as lacking in contrast to that of Western states. The major concern has been controlling shareholders’ expropriation of minority shareholders, especially in the setting of state-owned enterprises (SOEs). However, in recent years, the law and court treatment of minorities’ rights have taken a positive turn, drawing more investors to joint-stock companies (JSC), the Russian equivalent of US corporations. This article examines whether such developments sufficiently protect minority shareholders’ interests in the areas of (1) access to information, (2) controlling shareholder transactions, (3) takeovers by a controlling shareholder, and (4) dividend distributions. This article examines the formation and current state of the law and court practice in these areas, and proposes legislative reform, where appropriate. The article concludes that, although there is room for improvement, the law and the courts generally afford sufficient protections to minority investors, but the key factor that may boost the quality of corporate governance is minority shareholders’ active participation in corporate affairs, especially in the general meetings of shareholders. corporate governance, minority shareholder protection, Russian corporate law
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俄罗斯公司的少数股东需要更多的保护吗?
与西方国家相比,俄罗斯的公司治理传统上被认为是缺乏的。主要的问题是控股股东对中小股东的侵占,特别是在国有企业的设置中。然而,近年来,法律和法院对少数民族权利的处理出现了积极的转变,吸引了更多的投资者进入股份公司(JSC),俄罗斯相当于美国的公司。本文考察了这些发展是否足以保护少数股东在以下领域的利益:(1)获取信息,(2)控股股东交易,(3)控股股东收购,以及(4)股息分配。本文考察了这些领域的法律形成和现状以及法院实践,并在适当的情况下提出立法改革建议。本文的结论是,虽然存在改进的空间,法律和法院一般对中小投资者提供了足够的保护,但可能提高公司治理质量的关键因素是中小股东积极参与公司事务,特别是股东大会。公司治理,少数股东保护,俄罗斯公司法
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