Minority shareholders should have access to information on company operations - Medvedev
MAGNITOGORSK. March 30 (Interfax) - Russian President Dmitry Medvedev has said that legislation covering the rights of minority shareholders in public companies should be more specific and ensure that these owners have access to information.
"Minority shareholders in public companies need to be provided with access to information on theirs operations, the activities of these companies," Medvedev said at a meeting of the modernization commission in Magnitogorsk on Wednesday.
He added that it is necessary to develop more specific legislative norms on minority shareholders rights and "change the now existing practices on regulation and oversight in this area."
"After all, if the minority shareholders are not provided information, this means one thing: it means that there is something to hide," Medvedev said.
Medvedev said that "any case of violations of minority shareholder rights could be seen, therefore, as an example of ineffective managerial work."
He added that this work should be carried out by the recently reorganized organs for regulating and overseeing financial markets.