The information contained in this document is marketing material and for informational purposes only. The information contained in this document is presented without any warranty or representation as to its accuracy or completeness and all implied representations or warranties of any kind are hereby disclaimed. Recipients of this document, whether clients or otherwise, should not act or refrain from acting on the basis of any information included in this document without seeking appropriate professional advice. The provision of the information contained in this document does not establish any express or implied duty or obligation between Citco and any recipient and neither Citco nor any of its shareholders, members, directors, principals or personnel shall be responsible or liable for results arising from the use or reliance of the information contained in this document including, without limitation, any loss (whether direct, indirect, in contract, tort or otherwise) arising from any decision made or action taken by any party in reliance upon the information contained in this document. © The Citco Group Limited, December 2023.
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