Vadym Samoilenko Presented an Analysis of the Problems of the Law "On Joint Stock Companies" at a Round Table

>On 13 July 2009, Vadym Samoilenko, a partner of the Asters Law Firm, took part in a round table entitled "The Law of Ukraine "On Joint Stock Companies": A Path to Development or New Problems?" The event was organized by Commercial Bank "Khreshchatyk" and the "LIGABusinessInform" news agency.

The round table was aimed at drawing the attention of the business community and lawmakers to putting into practice the requirements of the Law of Ukraine "On Joint Stock Companies" with respect to joint stock company activity and the problems associated with doing so, and also to promote a dialogue among those who take part in this process. The following people gave their opinion on these problems at the round table: Mr. Sergei Biryuk, member of the State Securities and Stock Market Commission; Mr. Igor Seletskiy, development director of the stock exchange FSTS (the First Stock Trading System); representatives of law firms, joint stock companies, professional capital market participants, and mass media.

While highlighting problems with the Law of Ukraine "On Joint Stock Companies", Vadym Samoilenko noted: "This Law is fundamental for our country's economy. It ranks second in importance after the Civil Code of Ukraine. Therefore, every effort must be made to instill in the law a sense of high-quality and to rectify the numerous unfortunate mistakes and contradictions found in it. A working group on introducing changes to the Law should be comprised of the leading Ukrainian legal practitioners, so that the Law looks good not only on paper, but, above all, in economic reality".

On the whole, the panelists' discussion focused on the problematic aspects of the new Law, namely: listing public joint stock companies on the Ukrainian exchanges; shareholders of private joint stock companies exercising their preemptive right to acquire the company shares that are being alienated; conducting shareholders meetings; and managing companies with a single shareholder. Vadym Samoilenko made specific suggestions with respect to improving the Law and offered his assistance in the activity of the working group with the State Securities and Stock Market Commission on introducing changes to the Law.