OREANDA-NEWS. June 11, 2014. As it was noted by the Vice-Premier, the Minister of economy Valeriu Lazar, the amendments are designed to bring the Law on the joint stock companies into compliance with the new provisions of the Law on the capital market.

The document is intended to modernize and improve the legislation in the field of corporate management, increase the protection of rights and interests of investors, to ensure the effective regulation for activities of joint stock companies depending on the type of society, to simplify procedures and requirements related to corporate activities of joint stock companies, and to increase the transparency. The document defines the transaction with conflict of interests and optimizes the procedure for their conclusion, classifies Joint Stock Company, depending on the order in which their securities are kept and are traded, excludes some requirements on internal corporate activities for the joint stock companies.

The amendments eliminate ambiguous interpretations in the current Law on the joint stock companies, complementary aspects concerning the possibility of the National Commission on financial market to clarify in its regulations the order of disclosing information on transactions with the shares of the company by persons in positions of responsibility, the order of preparation, convocation and holding general meetings of shareholders, the procedure for issuing permits for the reorganization.

The amendments include the requirement to hold general shareholders meeting on the territory of Moldova, complete the requirements for holding a repeated general meeting of shareholders regarding the provisions on the procedure of election of the Board of the company. It should be noted that the strategy for the development of non-banking financial market for 2011-2014 indicated that there are a number of problems affecting the interests of shareholders, which cannot be resolved in accordance with the Code of corporate governance.

These problems included the lack of protection of interests of the company owners, the lack of personal responsibility of members of the administrative Board for the decisions. Valeriu Lazar noted that the adoption of amendments to the law on the joint stock companies, aimed at protection of interests that will improve Moldova's position in the World Bank's Doing Business in terms of the investment protection.