Codes of corporateconduct in the EUand Russia as a sourceof norms for protectionof minority shareholders


The article highlights the fact that the EU started to understand the importance of proper corporate governance and necessity of reforming thereof. The EU took a decision to apply corporate governance codes for the purpose of corporate practice improvement. The article describes the appearance in the EU (UK, Germany and France) of the documents dedicated to various corporate governance aspects, which then formed the basis of the codes. The detailed regulation of a number of issues in the Code of Corporate Conduct of the Federal Commission for Securities Market is outlined, the reasons wherefore are explained. The codes enforcement mechanism in the given countries is described. It is highlighted that the codes serve as a true operating guidance.
It is concluded that along with the issues directly affecting the minority shareholders rights and interests the codes include the general issues pertaining to the companys activity which are no less important for the minoritaries and other shareholders.

About the authors

M V Krasil'nikov

M V Krasilnikov


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Abstract - 34


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