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Shareholders’ Rights for Obtaining Information in Corporate Investment Funds


Publication Date:

Authors : ;

Page : 86-93

Keywords : corporate investment fund; asset management companies; corporate enterprise; corporate management; shareholder; shareholder’s rights; the right for information.;

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Problem setting. One of the urgent issues in the investment market and corporate relations is the issue of shareholders’ participation in the management of corporate investment funds that is realized by the legislator and fixed in Ukrainian legislation, but there are certain disadvantages concerning practical implementation of specific provisions. Analysis of recent researches and publacations. Questions regarding the scope and implementation of the components of company law have been studied by many scientists: A. A. Vasilieva, A. A. Dolynska, I. V. Zhylynkova, U. M. Zhornokuy, A. R. Kibenko, I. V. Spasibo- Fateeva, I. B. Sarakun and others. Also some scientists paid great attention to the field of legal regulation of economic activity on the general investment. Among them are: A. V. Harahonych, U. M. Bysaha, O. U. Campa, D. M. Belov. In addition, some researchers conducted a comparative legal regulation of the securities market and investment funds in the European Union and in Ukraine. Amongst them are: U. V. Bezruchko, A. M. Vinnyk, M. O. Hlotov, A. V. Kolohoyda. Target of research. The purpose of study is an analysis of information relations in corporate investment funds, in which the most acute problem called due to the specific exclusion of shareholders from the management, in which the entitlement to information has priority among other powers in the subjective corporate law. The legislation, as confirmed in scientific sources, entrenched the need for creation and control of the system of providing the information by corporate investment funds; primarily to allow the access for stakeholders, including shareholders, to complete, accurate information on industrial and economic activities of the asset management companies; and to create the opportunities for mediated regulation of companies through a transparent reporting system, which should serve as another reason for the orderliness of asset management companies and, consequently, for decreasing the number of law violations in this field. However, in practice, there is a chaotic placement of the whole information of various forms for the official companies websites and the other specialized sites that host the appropriate information. Conclusions of research. Strict disclosure regime is the mainstay of market monitoring of companies and is central to the realization of shareholders’ voting rights. Disclosure can be extremely effective in protecting shareholders and influence the behavior of companies. Shareholders and potential investors require access to regular, reliable, comparable and sufficiently detailed information to enable them to assess the quality of management of the affairs of the Board, and also to take informed decisions on issues of valuation, ownership and voting for the shares. It’s important to pay attention to the fact that the legislator uses concepts such as authenticity and detail. These concepts are considered to be fundamental principles but it should be noted that they are estimates, in other words that they do not have a specific legal meaning. Such uncertainty can not be interpreted in favor of the company or asset management companies as in this case, shareholders’ rights will always be been violated.

Last modified: 2015-11-06 00:00:38