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

##plugins.themes.bootstrap3.article.main##

##plugins.themes.bootstrap3.article.sidebar##

PDF
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
Article views: 815 | PDF Downloads: 535

##plugins.themes.bootstrap3.article.details##

Keywords

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

References

Abova T. E. (2013) “On the new approaches to the civil-law transactions regulation in Federal Law "On Amendments to Parts One, Two, Three, and Four of the Civil Code of the Russian Federation, as well as to certain legislative acts of the Russian Federation" draft”, Regulation of private law social relations: tradition, modernity, perspective, (TOV «Bilotserkivdruk», Odesa), р. 41.

Aktiengesetz vom 6. September 1965 (BGBl. I S. 1089), Artikel 2 Absatz 49 (22 Dezember 2011) (BGBl. I S. 3044) URL: http://www.gesetze-im-internet.de/aktg/BJNR010890965.html

Art. 384, On Joint-Stock Companies (Law of Ukraine dated from September 17, 2008 No. 514-VI) 50(1) Bulletin of Verkhovna Rada of Ukraine (2008).

Belov V. A. (2013) Civil law. Special part. Relative Civil Law Forms: A Textbook for Bachelors Vol. IV ( Jurajt, Moskow), 958 р.

Chionna V. V. (2008) La pubblicità dei patti parasociali. (Giuffrè, Milano), р. 2–4.

Christoph Weber (2000) Privatautonomie und Außeneinfluß im Gesellschaftsrecht Tübingen: Mohr Siebeck. (Zugl.: Mainz, Univ., Habil.-Schr., 1998/99), 92 р.

Die Zweimannaktiengesellschaft, Von Hans-Konrad Peyer (1963) Bern, and other. Fischer (1953), GmbH-Rundschau (GmbHR), 65 р.

For example, in Swiss science the foundations of modern doctrinal understanding of shareholders agreements are reflected in following scientific studies: Eric Haymann, Aktienübernahmevereinbarungen zwischen Mehrheits und Minderheitsaktionären: ein Vorschlag zu einem wirksamen Minderheitenschutz, vor allem in kleinen und mittleren Aktiengesellschaften (Zugl.: Zürich, Univ., Diss., 1973).

Graham Stedman & Janet Jones (1998), Shareholder’s Agreements. р. 58-59.

Hans Jürgen Sonnenberger und Christian (2000) Autexier Einführung in das französische Recht von. Ausgabe: 3., neubearb. Aufl. Heidelberg: Verl. Recht und Wirtschaft, 190 р.

Hewitt I. (2016) Hewitt on Joint Ventures (Sweet & Maxwell; 5th Revised edition), 166 р.

Hureev V. A. (2007) Problems of protecting the shareholders rights and interests in Russian Federation, (Wolters Kluwer, Moskow), 115 р.

Innominatverträge: Festgabe zum 60. Geburtstag von Walter R. Schluep hrsg. von Peter Forstmoser. (Polygraph. Verl Zürich: Schulthess, 1988), 373 р.

Karzhavyna N. S. (2007) “Shareholders' agreement as a way of corporate conflict overcome and the problem of its validity under the Russian”, Business Law, 4, at 8.

Lomakyn D. V. (2008) Corporate legal relationship: general theory and practice of its application in business entities (Statut, Moskow), р. 127–128.

Mayer D. (2006) “Grenzen von Aktionärsvereinbarungen”, 4 Mitteilungen des Bayerischen Notarvereins, der Notarkasse und der Landesnotarkammer Bayern, at 281.

Medvedev Yu. L. (2014) Approximation of the law of Ukraine to the right of the European Union: conceptual categorical apparatus and methods of harmonization. Bulletin of the Lugansk State University of Internal Affairs named after E.O. Didorenka. No. 1, р. 52-59.

Müller R. (n.d) “Der Aktionärbindungsvertrag”, at. 4, URL: https://www.alexandria.unisg.ch/publications/54111/L-en.

Osypenko K. O. (2010) “Agreements of participants (shareholders) in Russian and English”, 4 Legislation, at 30–32.

Pavlenko S., Sevruk V., Kobko Y. (2017) Training police officers in the conditions of reforming the system of education of the ministry of internal affairs of Ukraine in accordance with european standards. Science and Education. № 6, р. 142-150.

Petrova E., Khrapov M. (2008) “Shareholders' agreements regulation under the English Law”, Corporate Lawyer, 9, at 46–47.

Resolution of Plenum of the Supreme Court of Ukraine dated from October 24, 2008 No. 13 “On Practice of Court Consideration of Corporate Disputes”, 2 Commercial legislation bulletin (2009), at 7.

Romanova Yu. V. (2004) “Minority shareholders rights protection in Russian and foreign Civil Law”, Journal of Russian Law, 10, at 125.

Schramm H.-J. (n.d) “Die rechtliche Erfassung von Aktionärsvereinbarungen”, URL: http://www.cac-civillaw.unibremen.de/publikationen.html

Spasybo-Fatieieva I. (2013) “Shareholders agreements”, 12 Pravo Ukrainy, at 188.

Spasybo-Fateeva Y. V., Sybylev M. N., Jarockyj V. L. and other (2014), Kharkiv School of Civil Law: protection of subjective civil rights and interests, (Pravo, Kharkov), 459 р.

Stepanov D. Y. (2013) “Contractual freedom and Corporate Law”, Civil law and modernity: col. of. art. in memory of M. Y. Brahynskii, (Statut, Moskow), 366 р.

“Stimmbindungsabsprachen in Kapitalgesellschafte: Rechtsvergleichung und internationales Privatrecht”, Hansjürg Appenzeller, (Polygraph. Verl., Zürich: Schulthess, 1996), 58 р.

Suhanov E. A. (2014) “Corporate agreements in modern Russian and foreign law” Civil Society and the Development of Civil Law: col. of. art. for the anniversary of holder of habilitation degree in law, professor N. S. Kuznetsovoi, (ChAO «Yurydycheskaia praktyka», Kiev), 190 р.

Vasylieva V. A. (2012) “Corporate transactions: Theory and Practice”, Сontemporary issues of Civil, Family and Private International law (Matvieievski tsyvilistychni chytannia), (Alerta, Kyiv), 24 р..

Vinnyk O. M. (2010) “Corporate-management technologies based on shareholders agreements: statement of a question and defining of issues array”, Yaroslav Mudryi National Law Academy of Ukraine Bulletin, 1, at 146.

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