19.01.2023

New Presidential Decree: Temporary Corporate Governance Regime

Stonebridge Legal Regulatory practice prepared an alert regarding Presidential Decree No.16 (the Decree), which came into effect on 17 January 2023. The Decree provides for a temporary corporate governance regime for certain categories of Russian companies with a controlling shareholder/beneficial owner sanctioned by a foreign state and minority foreign shareholder(s) associated with unfriendly foreign states.

In particular, the Decree has established a mechanism allowing to limit the ability of shareholders which are associated with unfriendly states.

Read in detail on the new Presidential Decree in the alert at the link.

You might be interested

  • Liability for failure to take direct possession  of equity in economically significant companies
    Liability for failure to take direct possession of equity in economically significant companies

    In one of our previous alerts, we advised that a draft law amending the Russian Code of Administrative Offences had been submitted to the State Duma to establish, among other things, sanctions for failure to comply with the requirements of Law No. 470-FZ On Peculiarities of Regulation of Corporate Relations in Business Entities that are Economically Significant Organisations. On 22 June 2024, that law was signed by the President of Russia, published and entered into force.

    26.06.2024