Legal Alert - Russian Law

We would like to remind you that according to Article 34 of the Federal Law “On Limited Liability Companies”, every Russian limited liability company is obliged to hold a regular (annual) general participants’ meeting in order, among other issues, to approve the results of the previous financial year of the company. The meeting must be held no earlier than 2 (two) months and no later than 4 (four) months after the end of the financial year of the company, i.e., between 1 March and 30 April.

In accordance with Article 47 of the Federal Law “On Joint-Stock Companies”, every Russian joint-stock company is obliged to hold an annual general shareholders’ meeting, in order, among other issues, to elect members of the board of directors (if applicable) and to examine and approve the results of the previous financial year of the company. The meeting must be held no earlier than 2 (two) months and no later than 6 (six) months after the end of the financial year of the company, i.e., between 1 March and 30 June.

Please note that under the Russian Code on Administrative Offences a fine up to 700,000 Russian Roubles (currently about USD 9,500) may be imposed on a company for violation of the requirements as to the convening and holding of the general shareholders’ (or participants’) meeting.

Should you have further questions we will be pleased to provide you with additional information.