It should
be noted that this Law introduces a modern corporate governance system into the
activities of limited liability companies, eliminates legal gaps in the field
and further strengthens the legal guarantees of the company's participants.
This Law
consists of 71 articles and comes into force after 3 months from the date of
its official publication.
When
developing the draft law, the opinions of domestic and foreign experts,
suggestions from the public, as well as the experience of advanced foreign
countries were taken into account.
The law
provides for a number of innovations. In particular:
1) The
powers of the Supervisory Board of the company and the procedure for electing
its members are determined. This is aimed at preventing possible controversial
situations in the future.
2) The
procedure for making decisions by the Supervisory Board of the company by
absentee voting (by poll) is clearly established.
3) One of
the important innovations of the Law is the establishment of fiduciary
obligations of members of the Supervisory Board, sole and collegial executive
bodies of the company, existing in the international practice of corporate
governance.
4) The law
establishes that the company may engage in activities not only on the basis of
a license, but also on the basis of other permits and by notification. This
will increase the number of activities they carry out.
5) The
procedures for opening branches and representative offices, subsidiaries and
dependent business entities, which were absent in the current legislation, are
defined as separate articles.
