Moldovan legislation which is regulating corporate governance and the capital market is being harmonized with EU directives.
This was reported by the press service of the parliament, noting that the commission on economy, budget and finance at a meeting on Wednesday approved the draft amendments to the law on joint-stock companies, the law on the capital market and the law on banking activities. Also, the co-report on the project was approved by the commission on foreign policy and European integration. The bill was developed by the government to encourage the participation of shareholders in long-term investment activities. The document contains requirements on the obligation of the company to send to the shareholder or his/her legal representative confirmation of the acceptance of voting, expressed in electronic form, as well as to confirm the registration of voting in the minutes. It is also proposed to supplement the list of mandatory documents issued at the request of shareholders with a policy and an annual report on remuneration of the company's responsible persons. Another provision of the draft law concerns the responsibility of issuers in the process of changing the authorized capital. In addition, legislation should be harmonized with international standards and practices regarding the definition of shareholders who enjoy the rights acquired by decision of the general meeting of shareholders, for example, the payment of dividends. The draft law also contains elements that will ensure a balance between the exercise of the shareholder's right to nominate candidates for supervisory or control bodies and the board's compliance with the deadlines for considering and notifying shareholders of the relevant decision. Another amendment is aimed at ensuring the predictability of the role of the executive body in the process of convening a general meeting of shareholders for certain legal situations expressly provided for by law. The bill will be put to a vote at the plenary session of the Parliament. // 15.02.2023 — InfoMarket
