The Central Bank has proposed to prohibit the minority shareholders to request information from issuers

Moscow. October 22. The Central Bank of the Russian Federation proposes to cancel the right of minority shareholders to request additional information from the Issuer, said the first Deputy Chairman of the CBR Sergey Shvetsov the conference on corporate governance.

“Let’s review what is revealed, but will remove the right to seek further information. If the minority shareholder begins to perform the audit function, that means he does not trust the Board of Directors, external audit, internal audit and management. Why then do participates as a shareholder, what is the mission of the investor, who has invested 14 rubles and bought a few shares to improve corporate governance in the company, that’s strange,” said the first Deputy Chairman of the Central Bank.

“Our proposal is simple – revised (disclose information) and remove the right to request information,” – said Shvetsov.

According to him, if the Issuer itself will not disclose the required information, then the minority shareholders have to complain to the regulator.