The importance of the Corporate management Code adopted last march were reviewed at the session of the Lower Chamber of parliament Commission on budget and economic reforms.
This legal act represents a system of inter-relations between the executive body of a Joint Stock Company, its Supervisory board, share holders, representatives of the labor staff and such other involved stakeholders, including creditors. It is aimed at the achievement of the balance of interests of the aforesaid parties, modernization, technical and technological re-equipment of manufacturing facilities, production of competitive output and exporting it.
The deputies noted that the Code simplifies for share holders communication with a Joint Stock Company through creating for them additional opportunities for delivering their written or electronic queries. This secures their rights and legal interests, real participation of share holders in the management and taking decisions on the basis of equality irrespective of the number of shares in the hands of share owners.
The parliamentarians underscored that a monitoring system is being currently introduced for ensuring the observation of the provisions and principles of the Corporate management Code at all Joint Stock Companies during the year. Also, on the results of each fiscal year a comprehensive analysis will have to be carried out and concrete proposals will have to be elaborated on the assessment of efficiency of Joint Stock Companies’ activities.
Recommendations were elaborated on introduction of alterations and amendments into certain laws on the improvement of mechanisms of corporate management at companies with limited liability, ensuring the guarantees of equal participation of all members of Joint Stock Companies in managing its business, as well as getting information on the activities of the company and sharing its profit.
