Abstract

Insufficient development of the legal framework for corporate governance, i.e. the lack of proper legal regulation (or its low quality) of various corporate actions and relations; the preferential position of the state-shareholder in privatized enterprises; lack of control of the directors' corps, proper measures of responsibility of the executive body (management) and the supervisory board have not been established; the absence of the institution of independent members of the supervisory board in JSCs; lack of transparency, insufficiency and inaccessibility of information (information secrecy of JSC), undisclosed, incomplete or untimely disclosure of information; non-payment, incomplete or untimely payment of dividends; weak protection of the rights and legitimate interests of shareholders, etc.