Rada reduces quorum for LLC shareholders' meetings to 50% plus one share

09:47, 25.11.2015 1 min read

The Verkhovna Rada has adopted as a whole bill No. 2757 on amending the law on business entities with respect to reducing the quorum for the shareholders' meetings of limited liability companies (LLC) from 60% plus one share to 50% plus one share.

Some 233 deputies voted for the proposal.

As reported, the Verkhovna Rada considered the bill at first reading on July 14. That time the attempt to adopt the document as a whole failed because of the position of the Samopomich faction, which insisted on a long transition period of at least three years and a mechanism of buying shares by majority shareholders from minor shareholders.

Earlier the People's Front faction noted that such a reduction of the quorum in LLCs would allow the state to regain control over Zaporizhia Titanium and Magnesium Works, transferred to the structures of Dmytro Firtash.