The conditions for approving transactions in joint stock companies and limited liability companies by the general meeting of shareholders have been clarified
On October 17, 2019, the Federal Law Federal Law “On Amendments to Article 83 of the Federal Law“ On Joint-Stock Companies ”and Article 45 of the Federal Law“ On Limited Liability Companies” adopted by the State Duma and approved by the Federation Council.
From November 15, 2019, Federal Law No. 356 of November 4, 2019 comes into force.
This law specifies the conditions for approving transactions in joint stock companies and limited liability companies by the general meeting of shareholders (participants).
According to the Federal Law, it is stipulated that when making decisions on consent to an interested-party transaction, the votes of shareholders (participants of a limited liability company), which are controlled by persons interested in such a transaction, are not taken into account.
Thus, from the list of persons whose votes are taken into account when deciding on consent to conclude an interested party transaction, shareholders who are controlled entities interested in such a transaction are excluded.
Thus, it is expected that amendments to Federal Laws No. 208-ФЗ “On Joint-Stock Companies” and No. 14-ФЗ “On Limited Liability Companies” will make shareholders' votes objective and impartial.