Rada Refuses To Require Joint-Stock Companies To Spend 30% Of Their Profits On Payment Of Dividends

The Ukrainian parliament (Rada) has refused to require joint-stock companies to spend at least 30% of their profits on payment of dividends.

The first reading of the relevant draft law (No. 5183) received 154 votes; only 226 votes were required for its approval.

The draft law provides for making the relevant amendments to the Law on Joint-Stock Societies.

As Ukrainian News earlier reported, the Cabinet of Ministers on January 6 instructed enterprises in which the state owns shares to spend 30% of the profits they made in 2010 on payment of dividends.

In April 2010, the Ukrainian Credit and Banking Association called on the parliament to reject the draft law No. 5183.

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