#26 - JRL 2008-107 - JRL Home
Duma To Pass Anti-raiding Laws Soon - Shuvalov
MOSCOW. May 30 (Interfax) - The State Duma will pass a package of
anti-raiding amendments to the Russian legislation in the near future, said
Russian Deputy Prime Minister Igor Shuvalov.
"We understand that property rights are not properly protected at present. We
are preparing to adopt a package of laws providing protection from illegal
unfriendly takeovers, the so-called anti-raiding legislation. It is ready and
will be passed by the State Duma in the near future," Shuvalov said at a
conference organized by the National Council on Corporate Governance in Moscow
on Friday.
In addition, Shuvalov said the government intends to propose amendments that
will require managers and boards to be tougher when protecting the interest of
their companies, not only shareholders.
"We have many examples of shareholders who have their own interests manifest
these interests through corporate procedures," said Shuvalov.
"As far as I am concerned, I will back such changes. Tough rules need to be
introduced to make the entire management and boards work to ensure companies'
development," said Shuvalov, adding that consultations with businessmen on this
matter will be held in the near future.
The announcement of the new legislative initiative coincided with the
accelerating conflict in the oil company TNK-BP, whose co-owners are accusing
each other of having their managers act in the interests of the shareholders
that delegate them to the detriment of the business. Similar situations in a
number of companies have resulted in a division of assets between former
Interros partners Vladimir Potatin and Mikhail Prokhorov.
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