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The Ministry of Economic Development has developed and sent for approval to the Ministry of Finance and the Central Bank a draft law that will allow to settle issues with shareholders, information about which is not available, and who do not exercise the rights of shareholders for a long period of time ("lost" shareholders).
The document establishes the criteria for defining a shareholder as a “lost” shareholder, mechanisms for suspending and resuming the sending of messages to such shareholders on holding general meetings of shareholders, voting ballots and other information, as well as the payment of accrued dividends.
"The bill represents the first step towards solving the long-overdue problem of "lost" shareholders, which appeared after the privatization processes of the early 90's. Its rules will significantly reduce business costs associated with sending correspondence and dividends to "lost" shareholders, but at the same time they will ensure the functioning of a mechanism aimed at protecting the rights of minority shareholders," explained Deputy Minister of economic development Ilya Torosov.