Welcome Note of Ondřej Peterka

In the year 2000, my partners and I launched the PETERKA & PARTNERS law firm in Prague, Czech Republic. Over time we developed an ambitious idea - to create an integrated regional law firm, which at first seemed almost impossible. However, after years of dedication and hard work, we became a strong alternative to the global giants and local law firms active in the CEE region through their networks or best friends.

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Deadline to hold annual GMS in 2020 pushed back

In accordance with the law, LLCs and JSCs are obliged to hold annual General Meetings of Shareholders (GMS) in order to approve the results of the company, including annual financial statements. Typically, annual GMS shall take place not earlier than two months and not later than six months after the end of the financial year, which is equal to a calendar year for joint-stock companies (JSCs) and not later than four months after the end of the financial year for limited liability companies (LLCs).

A recently adopted law aimed at countering the COVID-19 pandemic and its effects pushed back the deadline for holding annual GMS in 2020 to three months for JSCs and five months for LLCs. Thus, in 2020, LLCs and JSCs have to hold their annual GMS not later than 30 September.

Please also note that recently adopted amendments to the Federal Law on Joint Stock Companies allow for holding annual GMS in JSCs by absentee voting, which is, however, not the case for LLCs. Notarization of the minutes of the annual GMS in an LLC is obligatory, unless the Articles of Association of LLC (AoA) directly allow for an alternative method of confirmation (e.g., signing minutes by all shareholders for the GMS). Therefore, Russian LLCs are particularly advised to review their AoA, so they can plan in advance and proceed with holding annual GMS within the above-mentioned deadline regardless of global measures limiting the movement of people due to the coronavirus outbreak.

PETERKA & PARTNERS remains at your full disposal should you need any assistance in this respect. Please do not hesitate to contact our Covid-19 Help desk at covidhelpdesk@peterkapartners.com.

 

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