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Ukraine: changes in corporate governance framework
Ukraine continues to harmonize its national legislation with EU legislation in the field of corporate governance. On the 1st of January 2023 the new Law of Ukraine “On Joint Stock Companies” entered into force. This also led to significant amendments to the Law of Ukraine “On Limited Liability and Additional Liability Companies”.
The main changes include:
- the possibility to establish a single-level management structure for Joint Stock Companies;
- clarification of legal status of executive and non-executive director;
- introduction of holding general meetings through electronic absentee voting;
- new provisions on representation of shareholder; and
- new provisions on protection of the rights of minor shareholder.
In order to benefit from the changes, revision of companies’ charter is needed.
For more information contact mercator@citco.com
