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Pages: | 1 | ... | 8 | 9 | 10 | 11 | High standards close to EC
Low level
(7) Rights of minority shareholders:
(a) preemptivel right
Exists
Exists
Exists
Exists
Exists
No data
(b) qualified (or higher) majority during important decisions
75 %
66 %
75 %
2/3 of the chartered capital
May be 50%, 2/3, 3/4, 4/5
2/3 of quorum 75%
(c) takeover rules
Exists
No
Exists
No
No data
No data
(d) cumulative voting
Exists
No data
No data
No data
Exists
No data
(e) limitations for a number of votes per 1 shareholder
n.m.
May be
May be
n.m.
May be
May be
(f) УindependentФ directors
Exists
No data
No data
No data
No data
No data
(g) rules for important transactions
Exists
No data
No data
No data
No data
No data
(8) Participation of employees in Supervisory board
n.m.
1/3-1/2, if more than 50 employees
1/3, if more than 200 employees
n.m.
n.m.
n.m.
(9) Minimum quorum for meeting
More than 50 %
30 %
More than 50 %
According to the charter
n.m.
50 %
(10) Number of votes per one share
As a rule 1
1
Not limited
1
One to five
1
(11) Insider dealing prohibited
Yes
Yes
Yes
Yes
Yes
Yes
(12) Enforcement
Weak
Weak
Weak
Weak
Weak
Weak
* n.m. - not mentioned in legislation. Data may be obsolete. According to (EBRD,1997), in 1997 a number of countries have enacted modern company laws (Czech Republic, Estonia, Hungary, Lithuania, Poland, Slovak Republic, Slovenia and Uzbekistan).
** In reality depends upon: (a) rules of excess to shareholders registers and (b) prospects of the formation of depositary system resembling German (where depositary banks vote for shareholders who did not express their opinion on the subjects of agenda). This directly contradicts the rules in USA where such votes are cancelled.
Sources: RF laws; Bohm A., ed., 1997; Грэй, Хэнсон, 1994; Акционерное общество..., 1995; EBRD, 1998.
Table 5.Comparative corporate securities market development data, end 1996-end 1997
Czech Rep. | Hungary | Poland | Russia | Romania | Slovenia | Slovakia | |
Capitalization: USDbn / % GDP | 18,1/39 | 5,3/12 | 8,4/7 | 68/11 | 0,9/2 | 2,5/15,9 | 2,2/12 |
Trading Volume: USDbn / % of capitalization | 8,4/47 | 1,6/31 | 5,4/64 | 3,0/8 | 0,5/55 | 0,7/33 | 2,3/106 |
Number of listed shares | 1000 tot. 50 liquid | 50 (types A and B) | 129 (incl. NIFs) | 30000 tot. 150 liquid | 60 (two tiers) | 73 | 19 |
Number of securities dealers | 460 licensed | 98 licensed | 50 (incl. 16 banks) | 1561 | 100 | 42 | n.d. |
% of trading on stock exchange market | 3 | 86 | n.d.(OTC since 1997) | 2 | n.d.(BSE andRASDAQ) | 100 | n.d. (diff. Markets) |
Universal Banking | Yes | Since 1997 | Yes | Yes with restrict. | No | Yes | Yes with restrict. |
Central Depository (or Central Clearing and Settlment entity) | Yes | KELER (all clearing and settl. for BSE) | Yes | No | Central Company for clearing and Settl. | Central clearing corp. | Yes |
Independent Securities Commission | Since 1998 | Integr. office for banking and secu-rities under Go vernment | Since 1991 | Since 1993, under President | Yes, under Parlia-ment | Yes | No, control office within MF |
Securities Law | Act on securities; Act on stock exchange; New law (1997) | Law on securities issues and stock exchange (1990) | Law on securities trading and inve-stment trusts (1991) | 1996 Law on Securities Market | 1994 Securities Law | 1994 Law on Securities Market (new will be close to EC) | New (1998) |
Insider Laws, Investor Protection, Disclosure and Compliance Regulation | Yes, with weak enforce-ment | Well developed standards (close to IOSCO) | Well developed standards(close to IOSCO) | Yes, with weak enforce-ment | Yes, with weak enforce-ment | standards developed with weak enforce-ment | Yes, with weak enforce-ment |
Source: Thiel, 1998; RF FCSM; countries legislation.
Table 6. Bankruptcies in some transition economy countries
1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | |
Russia: | |||||||||
Number of bankruptcies filed | - | - | - | 100 | 240 | 1108 | 2618 | 5810* | 12 781* |
Recognized as bankrupt | - | - | - | 50 | n.d. | n.d. | 1035 | 2600 ** | 4747** |
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