SHAREHOLDERS AGREEMENT: COMPARATIVE AND LEGAL ANALYSIS OF THE LEGISLATION AND LEGAL DOCTRINE OF UKRAINE, EU COUNTRIES AND USA

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Published: Jul 25, 2018
https://doi.org/10.30525/2256-0742/2018-4-2-288-300

  Yuriy Zhornokui

  Olha Burlaka

  Valentyna Zhornokui

Abstract

The aim of article is to conduct comparative-legal research of legislative acts establishing legal background of shareholders’ agreement conclusion and execution in certain foreign states and Ukraine along with presentation of ways to improve the relevant Ukrainian legislation. Subject of research is the experience in area of legal regulation of shareholders’ agreement conclusion and execution in certain foreign states and Ukraine. Меthodology. Research is based on comparison of shareholders’ agreement conclusion and execution in Ukraine, USA, Russia and Western Europe (Italy, Switzerland and Germany). Author defines advantages and deficiencies of shareholders’ agreement conclusion and execution methodology and opportunities to implement relevant foreign practices (on the basis of comparative-legal analysis of specific provisions of civil legislation of Ukraine). Results of this research proved that in order to implement foreign experience related to legal support of shareholders’ agreement conclusion and execution strict civil law sanctions must be imposed. These measures are applied in the case if there are violations of shareholders’ agreement provisions. We consider that reimbursement is the most efficient and appropriate sanction for commitments deriving from the shareholders’ agreements including voting procedure at general meetings, approval of voting format by other shareholders, coordination of actions related to management, key activities, JSC reorganization and liquidation due to the fact that reimbursement amount is defined by the parties and does not depend on damage inflicted, is not reduced according to the court ruling and may be applied along with other civil law sanctions. Practical implementation. Positive experience of development of legal background for shareholders’ agreement conclusion and execution in certain foreign states proves that law enforcement procedures require identification of relevant agreement legal nature as for quite a long time these documents have been used by corporate relations parties. Сorrelation/originality. Comparative analysis of Ukrainian, European and American legislative acts regulating shareholders’ agreement conclusion and execution has become a foundation for presentation of certain amendments.

How to Cite

Zhornokui, Y., Burlaka, O., & Zhornokui, V. (2018). SHAREHOLDERS AGREEMENT: COMPARATIVE AND LEGAL ANALYSIS OF THE LEGISLATION AND LEGAL DOCTRINE OF UKRAINE, EU COUNTRIES AND USA. Baltic Journal of Economic Studies, 4(2), 288-300. https://doi.org/10.30525/2256-0742/2018-4-2-288-300
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Keywords

foreign experience, analysis, agreement, legal doctrine, shareholders, EU states

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Issue
Vol. 4 No. 2 (2018): Baltic Journal of Economic Studies