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Roman Drozhanskyi: “Lowering of quorum in joint stock companies will lead to more balanced management”

Kyiv. January 24, 2013

The proposal to reduce quorum for holding meetings of stockholders (SH) from 60%+1 to 50%+1 voting share is a positive step, which will afford to make the process of company management more proportional, considers partner of Volkov and Partners Law Firm, Roman Drozhanskyi.
Mr. Drozhanskyi expressed this opinion to the Interfax-Ukraine Agency, commenting draft amendments to the Law on Joint-Stock Companies (regarding the quorum for holding general meetings of the JSC to assure steady investment regime in Ukraine) proposed by the Head of the Parliamentary Committee for Industrial and Investment Policy Yuriy Voropayev (the Party of Regions). According to the lawyer, the draft law is yet another attempt to harmonize legislation of the country with international practice.
“The current Law that stipulates for 60% quorum level for holding general meetings of SH is not efficient and affords minority SH to receive disproportional impact over the process of company management”, the lawyer concluded.
Roman Drozhanskyi believes that proposal of the author of draft law to leave existing quorum level as it is for stockholders of the private joint-stock companies is also a progressive one. He also stated that the same regulation has to be introduced for limited liability companies.
Reportedly, this draft law was just another link in a chain of similar documents concerning reducing a quorum for holding meetings to 50%+1 voting share. In October 2006 one of such drafts was adopted, but afterwards former President Victor Yuschenko vetoed it, and the veto was never passed.
Yu. Voropayev and his colleagues had already introduced similar draft law in June 2012; however, Verkhovna Rada did not make time to consider the issue.
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