COVID-19 And Corporate Housekeeping - Update

As already mentioned in our previous news on this topic, due to COVID-19 the Russian State Duma adopted on 18 March 2020 Federal Law No. 50-FZ according to which Russian joint stock companies (JSC) can, based on the decision of the Board of Directors, conduct annual shareholders' meetings in 2020 via absentee voting. As a general rule, the annual general shareholders' meeting can be held as a physical meeting (a collective presence of shareholders) only. So far the law does not provide exceptions for holding of the annual shareholders' meeting of limited liability companies (LLC), thus the LLC's shareholders' meeting in 2020 shall be conducted by means of a collective presence of shareholders.