The reasons for request of a company’s documents and information have been specified. By Daria Fadeeva, Relationship Manager, GSS Russia
New amendments to the Law on Joint-Stock Companies, effective as of 30 July, specify the scope of documents and information that shareholders have the right to request from a company depending on their share in the company’s capital. For example, information relating to large-scale and third party transactions and the minutes of BoD meetings can be requested only by the shareholders owning at least 1% of shares.
The law also contains a number of reasons for the refusal to provide the requested documents and information. An issuer can refuse to provide documents and information to a shareholder due to the lack of a reasonable business objective for the request (a shareholder who has more than 1% but less than 25% of the shares).
The purpose of the request may be considered unreasonable if the shareholder is a competitor of the company or an affiliate of a competitor, or the requested document contains confidential information and its distribution may harm the commercial interests of the company.
Contact details
Daria Fadeeva
Relationship Manager, GSS Russia
Darya.Fadeeva@unicredit.ru