Sub-sanctioned companies will be allowed to temporarily not elect the board of directors

Prime Minister Mikhail Mishustin proposed a ten-point plan in the face of sanctions pressure. Among them is a proposal to allow companies subject to sanctions,temporarily not elect the board of directors Mikhail Mishustin

Sanctioned Russian companies will have the right not to elect the board of directors. This was announced at a government meeting by Prime Minister Mikhail Mishustin, the broadcast was conducted by the Rossiya 24 TV channel.

According to Mishustin, under the sanctions, the plan of priority actions in the economy has been increased by another ten positions. According to the minister, his main goal is "to fill the economy with liquidity, to help develop the investment process."

“One of these measures affects the areas of corporate relations and the financial market, and will further stimulate business activity. it is proposed to allow companies subject to sanctions to temporarily not elect the board of directors. Now this is especially true for public joint-stock companies, where such a management body is mandatory,” he said.

See also Mishustin on loan restructuring in RUSSIA 01:11

Other government proposals include:

in some cases, it will be allowed to retain the powers of the board of directors without re-election (for example, when the quantitative composition of the board has become less than the minimum established by law, i.e. less than five people); extend to two years the temporary procedure for buying back own shares on the stock exchange (it was introduced before August); launch a unified information system for operational monitoring of concessional lending programs.

If the conditions are met, the prime minister continued, stabilization on the Russian stock market is expected within two years.

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Medvedev said that the sanctions are based on hatred of Russia and Russians Politics

On February 21, Russia recognized the independence of the Donetsk and Luhansk People's Republics, and on February 24, President Vladimir Putin announced the start of a military operation in Ukraine. In this regard, the authorities of the United States , the European Union, Great Britain and other countries began to impose sanctions against large Russian companies, financial institutions, assets of the Central Bank, as well as officials, businessmen and the military.

After that, many businessmen who fell under Western sanctions began to leave the boards of directors of companies, re-register their business or sue the EU authorities. Billionaire Roman Abramovich, in particular, filed a lawsuit with the European COURT in Luxembourg against the EU Council, which imposed sanctions against him. Earlier, Alfa Bank shareholders Petr Aven and Mikhail Fridman, Severstal owner Alexei Mordashov and USM Holdings founder Alisher Usmanov filed lawsuits against the EU Council.

In response to the sanctions, the Central Bank allowed Russian banks not to disclose on their websites, as well as on the website of the Bank of Russia, the main forms of reporting under Russian Accounting Standards (RAS). The rule also applies to reporting for February. The decision to remove this information from public access was made “to limit the risks of credit institutions” associated with Western sanctions. The regulator said that market participants will be able to disclose financial statements to their counterparties “if necessary”.

In addition, the regulator allowed financial companies to hide data on beneficiaries until the end of the year. Such organizations include banks, non-state pension funds, insurance companies, microfinance organizations.

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