On September 12, 2014, the Decision of the National Commission for Securities and Stock Market (here- inafter, the NCSSM) "On approval of changes in shareholder registration supervision procedure, holding a general meeting, voting and summing up the results at general shareholders’ meetings of joint stock compa- nies"5 (hereinafter, the Procedure) came into effect.
The main changes are as follows:
The previous Procedure stipulated that representatives of the NCSSM check the list of issues addressed by the general meeting for compliance with:
- the agenda approved by the supervisory board;
- the agenda published under the law;
- the agenda sent to shareholders along with the notice on holding a general meeting.
The amendments exclude the rules on checking the list of issued for compliance with the agenda sent to shareholders. Such changes are due to the inability of the NCSSM to verify information about the agenda sent to shareholders.
According to the amendments a report on shareholder registration supervision shall be handed to the au- thorized person on the day the supervision is completed on. The previous wording of the Procedure con- tained no rule like that.
The new Procedure contains no rules requiring the NCSSM’s representative to make a written request speci- fying the list of necessary documents and the term for their provision, unless he/she has received the rel- evant written explanations. However, the Procedure stipulates that a note in the Report on failure of a stock joint company’s officials to provide written explanations and documents is a ground for conducting an joint company’s officials to provide writ unscheduled inspection of that company.