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The Joint-Stock Companies Act has been amended


31.07.2017

Under the act on Amending the Law of the Kyrgyz Republic on Joint-Stock Companies of 28 July 2017, the Joint-Stock Companies Act introduced a new concept of independent board members. The amendments to the law state that at least 30% of the board of directors should be independent board members in public companies. The board meeting of the public company requires submission of the independent board members in an amount not less than half of the total number of independent board members.

The requirement of a shareholder (shareholders) that owned of at least 10% of the company’s voting shares will provide the basis for the convening of a special shareholders meeting.

The competence of the general meeting of shareholders include the approval of the audit organization and/or the auditor of the company and the auditor fees. At the same time, the selection of the audit organization and/or the auditor of the company is carried out by the board of directors of the company, which determines the auditor fees. If the audit organization and/or the auditor of the company have not approved at the general meeting of shareholders, the selection of the audit organization and/or the auditor of the company shall be repeated by the board of directors and presented before a special meeting of shareholders within 45 days of the general meeting of shareholders.

According to the innovations in the Law, the subsidiary company cannot purchase shares of the main company.

Re: The Act on Amending the Law of the Kyrgyz Republic on Joint-Stock Companies of 28 July 2017 No. 154

Source: http://kabar.kg/news/vneseny-izmeneniia-v-zakon-ob-aktcionernykh-obshchestvakh/


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