The right to information as a condition for the realization of corporate rights in Ukrainian and foreign law: a comparative aspect

Abstract

The article is devoted to the role of information in corporate relations and the means of its impact on the ability of the participants of these relations to defend their rights. Comparative aspect of corporate rights (including the right of shareholders to information) is very topical regard to new problems in Ukrainian company law and the need to improve the existing legal mechanisms. The results of previous studies by scientists such as O. Syrodoeva, W. Batler, H. Kibenko, A. Pendak Sarbuh and others, need further development because of the changes occurring in corporate relations and variety of legal means used in international company law. The right to information is one of the fundamental corporate rights, ensuring the realization of other rights of shareholders. Only having relevant information these persons may decide to participate in the management of company and, respectively – vote in making decisions by general meeting and exercise other rights and protect their interests. The importance of the right to information is seen by the example a number of shareholders' rights (the right to file a derivative action, the right to appraisal and payment for shares, etc.), as well as the means of their realization and defence in case of violation. Considering the legal mechanisms for implementation the above corporate rights, the author addresses the international experience (USA, Germany, the Russian Federation) to identify the most effective mechanisms for ensuring the interests of shareholders in case of violation their rights. The current company law of Ukraine was analyzed. It’s identified defects of legal regulation that complicate the realization of the right to information and related corporate rights. The results of this analysis have allowed to suggest ways of improving the legal regulation of corporate relations (in particular, concerning information aspects of the aforementioned rights) on the basis of international experience.