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Shuvalov: Civil Code to Protect Minority Shareholders Rights

13.02.2014 13:32 / RIA Novosti

The Russian Civil Code and corporate law will be soon amended to protect minority shareholders rights, said First Deputy Prime Minister Igor Shuvalov at a Government session.

On Thursday, the Cabinet of Ministers reviews the Corporate Governance Code drafted last year by the Central Bank Financial Markets Service. The Code is recommended for use and is geared to boost the investment climate.

“We will have mandatory norms of conduct in civil and corporate law, offering a completely new approach to minority shareholders rights protection in modern Russian economy. These shareholders are not inferior to majors, they have exactly the same value”, said Shuvalov.

First Deputy Prime Minister stated that civil law amendments provide minority shareholders with more protection. “This includes special affiliation norms. Affiliation norms will be more lax, with general statute on affiliation in the Civil Code”, said Shuvalov. He remarked that the Government plans to finish this task by the end of the State Duma spring session.

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