Are you a joint stock company without a website? According to the Act on Business Corporations (the ʻʻABCʼʼ), you will have to do something about it soon. As of 1 January 2014, all joint stock companies are obliged to have their own websites. Moreover, such websites must be easily accessible and the internet address must be quoted on all business documents of the company. The obligation to have a website does not apply to limited liability companies, but in case a limited liability company does have a website, the accessibility and quotation requirements apply to it as well.
On the website, the company will be obliged to publish certain information and documents, mostly related to exceptional situations, but also for example, an invitation to the General Meeting. Websites may also be voluntarily used e.g. for giving explanation to shareholders before the General Meeting or for publishing financial statements instead of quoting the main data from it in the invitation to the General Meeting.
It is particularly important to visibly publish the information about participation in a particular concern on the website. If the information were not published, one of the greatest benefits of the new concern regulation would be eliminated as ABC allows to cause harm to a company without any sanctions, if such harm was caused in the interest of the controlling person or other person with whom the company forms a concern and such harm is balanced within the concern by appropriate counter-performance or other provable advantages of membership in the concern, which is, from the perspective of existing regulation, revolutionary. Publicity of the concern existence is, therefore, in the interest of the controlling person/concern as well as of the statutory bodies’ members.