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Shareholders Law Submitted

Minority shareholders will receive the same access to documents and commercial secrets of companies and their subsidiaries as major shareholders have, and with 10 percent of shares they can conduct an audit with an auditor of their choice, according to a bill before the State Duma, Gazeta.ru reported Tuesday.

The government introduced the bill over the objections of big business. The documents made available to minority shareholders under the proposed law would include not only minutes from board meetings, but also all economic agreements approved by boards, all agreements with shareholders and all decisions of government bodies that supervise the company. Access will also be made available to the documents of companies directly or indirectly controlled by companies.

(MT)

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