Top Russian firms unite to advance rule of corporate law

By Dale McEwan

A collection of Russian firms have jointly founded a non-profit partnership in a bid to advance the development of corporate law in the country.

The partnership has been established by players in the Russian legal market in response to a demand for developing the key principles of corporate law.

The aim is to facilitate a more extensive application of the law and make investing in Russia more attractive and efficient by protecting investors’ rights in the country.

Founding members of the partnership include EPAM, EDAS, Andrey Gorodissky & Partners, Vegas Lex, Liniya Prava, ALRUD, Capital Legal Services, Goltsblat BLP, Pepeliaev Group, YUST and state corporation Bank for Development and Foreign Economic Affairs, which is also known as Vnesheconombank.

The partnership’s objectives include: increasing competitiveness and assisting in the efficient application of corporate law; facilitating consistency of corporate and financial laws in the country with the best international practice; analysis and assistance in applying successful international experience to individual cases in corporate regulation; and involvement in the law-making process.

“Establishing such an association of professionals is a serious step showing the intention of legal professionals to create a comfortable business environment,” said Dmitry Stepanov, partner at EPAM.

“I’m convinced this will set off the process which will result in the emergence of the effective and functional Russian law that’s much sought-after.”