Vadym Samoilenko Discusses Proposed Amendments to the JSC Law in Eastern Ukraine

Asters partner Vadym Samoilenko took part in the preparation and organization of two East-Ukrainian Corporate Law Forums held in Donetsk and Kharkiv on 25 November and 10 December, respectively. The events were held as a follow-up to the UBA Third Annual Corporate Law Forum which took place in Kyiv in late October 2009.

The East Ukrainian Forums were aimed mainly at revealing the shortcomings of the Law of Ukraine "On Joint Stock Companies" by carefully analyzing the semi-annual practice of applying the new provisions and raising the issue of making changes for purposes of improving the Law. In attendance at the events were legal practitioners from Kyiv and eastern Ukraine, together with academics, judges, government officials, businesspeople and members of the media.

At both events, Vadym Samoilenko presented certain issues pertaining to applying and proposing amendments to the Law of Ukraine "On Joint Stock Companies". In particular, changes to the Law were brought up for discussion with respect to compelling a public JSC to draft agreements for the purchase and sale of shares on the stock exchange, electing the chairperson of the supervisory board of the JSC, electing officers of the JSC, the lack of any detailed mechanism for cumulative voting, electing the counting commission of the general meeting of shareholders, civil contracts and labor contracts with members of the electoral management body, when the Law shall come into effect, and other issues.

In general, the attendees actively discussed the most relevant issues of corporate law, particularly, analysis of the problematic provisions of the Law of Ukraine "On Joint Stock Companies", the specifics of an attorney serving as corporate secretary, and the role of the State Securities and Stock Market Commission as regulator in the realm of corporate relations.