The conditions for the transfer of corporate rights when transferring to the civil service have been changed

When in 1995 privatization property certificates were handed out in Ukraine, millions of citizens formally became the owners of enterprises. Today, the presence of voucher corporate rights creates more inconvenience for those who decided to go to the civil service.

The situation was corrected by the Law "On Amendments to Certain Laws of Ukraine Concerning the Improvement of Certain Aspects of Declaration", which the Verkhovna Rada adopted on the basis of project No. 5173.

Recall, according to Art. 36 of the Law “On the Prevention of Corruption”, persons authorized to perform the functions of the state or local self-government are obliged, after appointment (election) to a position, to transfer to another person management of their enterprises and corporate rights in the manner prescribed by law.

This requirement applies to all shareholders without exception, including minority shareholders. However, it is practically impossible to sell the securities received as a result of the voucher privatization due to the lack of demand! Therefore, people actually became hostages of the situation: their forced inactivity contains the composition of a corruption offense.

The adopted amendments introduced a lower limit for the mandatory transfer of securities to management. After the law is signed by the President and comes into force, the established rules for preventing a conflict of interest in connection with a person's enterprises or corporate rights will not apply to “persons who own shares of a joint-stock company that is a resident of Ukraine, the aggregate nominal value of which does not exceed 0.25 the subsistence minimum established for able-bodied persons on January 1 of the year in which the person was appointed (elected) to the position, and in aggregate does not exceed 5 percent of the voting shares of the company ”.

Separate pleasant news is that for all entities the period for transferring corporate rights to management has been doubled (from 30 to 60 days).

Also, the Verkhovna Rada removed some of the formal requirements for the submission of declarations by persons authorized to perform the functions of the state or local self-government.

So, from the declaration were excluded accounts on which uncompensated money savings of citizens of Ukraine are taken into account in the institutions of the State Savings Bank of Ukraine, placed before January 2, 1992 in the institutions of the Savings Bank of the USSR operating in Ukraine.

A norm has been introduced according to which the implementation of transactions for the purchase, sale or exchange of foreign currency at the expense of the own monetary assets of the declaring enterprise or its family members does not require reflection in the declaration, and also does not require notification of significant changes in the property status of the declaring entities.

In general, the changes made can be assessed positively, because they remove unnecessary administrative obstacles in the implementation of anti-corruption legislation.