Federation Council Passes Bill on Joint Stock Companies

The Federation Council has approved amendments to the federal law on joint stock companies at today's plenary session. The amendments envisage reestablishment of the earlier practice of paying dividends every quarter. Oganes Oganyan, head of the Federation Council's committee on economic policy, pointed out at the session that the document aimed at protecting rights and providing additional guarantees to shareholders, as well as increasing investment attractiveness of joint stock companies. According to him, paying off of quarter dividends leads to equable taxation of incomes, and tax payments will be made during the whole year.

The bill was supported by 115 members of the upper house of the Russian parliament with one against and six abstentions.