Deadline for AGMs in 2022 could be shifted from late June to late Sept - draft bill

MOSCOW. June 7 (Interfax) - Annual general meetings (AGMs) of shareholders in 2022 can be held until the end of September, according to a draft bill prepared by the Ministry of Economic Development and seen by Interfax.

"The annual general meeting of shareholders in 2022 shall be held on the dates determined by the board of directors (supervisory board), but no earlier than two months and no later than nine months after the end of the reporting year," the draft reads.

This is not the first time that the timeframe for annual shareholder meetings has been extended in Russia: in 2020, this was done because of the coronavirus pandemic. According to the general rule, such meetings must be held from March to June 30.

Furthermore, the draft law prepared by the Economic Development Ministry doubles - from three to six business days - the period for drawing up minutes on the results of voting at the annual meeting and on the results of the board of directors' meeting.