The government proposes to raise the minimum threshold for the number of shares to request documents from joint-stock companies and challenge its transactions. This was stated by Prime Minister Mikhail Mishustin. Such measures, according to the prime minister, are necessary to protect the information of joint-stock companies from “manipulation” by unfriendly states.
“Russian joint-stock companies will be able to protect their information from manipulation by representatives of unfriendly states. To do this, it is planned to raise the minimum threshold for the number of shares, the owner of which will be able to request company documents, challenge transactions in court and the actions of the company or its management,” Mr. Mishustin said at a government meeting. Now shareholders with at least 1% of the voting shares of a public joint stock company can request an extended list of documents.
In addition, it is planned to give the Board of Directors of the Bank of Russia the right to determine the list of information that may not be disclosed to the public.
Since March 7, Russian state-owned companies that have fallen under the sanctions of states from the list of “unfriendly” have ceased to post information about their purchases in the Unified Information System (EIS, public procurement website). As stated in the Ministry of Finance, this is done “in order to level the consequences of restrictive measures by unfriendly foreign states” and protect suppliers “from imposing secondary sanctions for participating in the procurement of such customers.” Customers – credit institutions – are also allowed to apply these rules if sanctions are imposed on persons controlling the credit institution.
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