The government has determined which companies will be able not to disclose corporate information
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The government signed a resolution in which it determined the grounds under which companies can not disclose a number of corporate information. About it reported in the press service of the Cabinet.
The government stressed that the decision takes into account the need to develop the capital market and debt financing, which requires disclosure. At the same time, the protection of data that is at risk of external sanctions is respected.
The Cabinet of Ministers has determined the grounds that will allow companies to limit the disclosure of data. In particular, such grounds include restrictive measures in force against companies and the status of an authorized bank. Also, such a right will be given to companies that operate in new regions of Russia. The ruling has not yet been published.
The list of data that companies will not be able to disclose includes information about the composition of management and control bodies, affiliates and subsidiaries. The list also included information on financial investments and transactions in foreign currency and transactions, even those that were not made. In addition, issuing companies will be able not to disclose data on the provision of services and products, as well as on counterparties, purchases of goods and industry structure.
In March 2022, companies were granted the right not to disclose virtually any information that is published in accordance with the legislation on joint-stock companies and the securities market. The preferential regime, introduced as part of a package of measures to protect businesses from sanctions, expired on July 1.
Previously, the government has denounced with businesses a return to full transparency and possible changes in the composition of the data required to be disclosed by issuers. The Ministry of Finance also pointed out that the long-term lack of information on key issuers makes it difficult to conduct an objective assessment of investment risks and make informed decisions on transactions with financial instruments, and also reduces the level of confidence.
In June, Central Bank Chairman Elvira Nabiullina also urged to the publication of corporate reporting by companies, as it is necessary, since without it it becomes more difficult to attract investments.
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