Featured Galleries CLICK HERE to View the Video Presentation of the Opening of the "Holodomor Through the Eyes of Ukrainian Artists" Exhibition in Wash, D.C. Nov-Dec 2021 USUBC COLLECTION OF OVER 160 UKRAINE HISTORIC NEWS PHOTOGRAPHS 1918-1997 "HOLODOMOR 1932-33: THROUGH THE EYES OF UKRAINIAN ARTISTS" - COLLECTION OF POSTERS AND PAINTINGS USUBC COLLECTION OF HISTORIC PHOTOGRAPHS ABOUT LIFE AND CAREER OF IGOR SIKORSKY PHOTOGRAPHS - INVENTOR OF THE HELICOPTER Ten USUBC Historic Full Page Ads in the Kyiv Post
Dentons Kyiv Corporate Alert
Dentons, Kyiv, Ukraine,Tue, May 12, 2015
The President of Ukraine has signed Law No. 289-VIII “OnAmendments to Some Legislative Acts of Ukraine relating to Investors’ Rights Protection”(the “Law”)aimed at deregulating the economic activities of joint-stock companies in orderto enhance their attractiveness to investors. Another goal of the law is toimplement stricter requirements towards listed public joint stock companies toensure a higher level of protection for minority investors’ rights and promoteUkraine’s compliance with the requirements of the Ukraine-EU AssociationAgreement.
In particular, the Law provides for the introduction ofderivative action (i.e., the right of a minority shareholder to sue fordamages in favour of the joint-stock company); the introduction of liabilityfor officials of business companies in case their unlawful actions inflicteddamages to the company; establishing the procedure to invalidate a legaltransaction carried out by an official and refunding profits obtained as aresult of such a transaction; granting a claimant the right to be reimbursed bythe company for the expenses incurred as a result of court proceedings relatingto the claim against the company’s official for indemnification of damagesinflicted on the company – within the limits of amounts actually received bythe company; creating the conditions for the transition of quasi-publicjoint-stock companies to the private form; introduction of the institute of“independent directors” that will represent the interests of minorityshareholders in public joint stock companies; and establishing a detailedprocedure for regulating transactions with signs of interest which will take intoaccount interests of all shareholders.
The Law must be published in the official bulletin and will takeeffect as from 1 May 2016, except for clauses 4 (regarding the procedure forcertification of the powers of attorney right to attend and vote at the company’sgeneral shareholders’ meetings) and 5 (removing the requirement to specify thelocation in the constitutional documents of the company) of Section І, whichwill take effect on the day following the day of publication.