Putin allowed to suspend the rights of shareholders for non-fulfillment of the state order

Russian President Vladimir Putin has signed a decree authorizing the suspension of the rights of shareholders of companies for non-fulfillment of government orders during martial law. The relevant document was posted on the Internet portal of the official publication of legal acts on May 30.

"I decree to establish that during the period of martial law, the rights of participants (shareholders) of a business company are suspended <...> in case of non—fulfillment (improper fulfillment) of [a state order]," the decree says.

It is specified that the powers of the bodies of the business company are also suspended.

In addition, based on the proposals of the Ministry of Industry and Trade, the management company is determined, which will further exercise the powers of the sole executive body of the company and to the extent necessary for the fulfillment of contractual obligations, as well as the powers of the general meeting of shareholders or the supervisory board.

The decree comes into force on the day of its official publication.

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