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9.1. Information Rights of Business Entities Participants – Finding the Balance of Interests

Track: 9. Private Law


Joint business procedures and separation of capital from management, characteristic thereof, result in information-access asymmetry when some members, being majority stockholders, or directors (as they often are in small businesses) are fully informed about the company’s operations, while others have to settle for reports. There are evident risks of abuse, when the first ones start to use the situation to make deals involving conflicts of interests and other questionable things infringing legal interests of the second ones; and such risks make one of the major concerns of corporate law the most part of which is related to fighting the issue. The right to receive information about a company’s operations may be the simplest and the most efficient remedy in this respect. This right gives company members the opportunity to supervise over the business and defend their interests in court, as necessary. However, this right has the other side: it implies the risk of uncontrolled spread of information, as not all and any company members may be interested in its success. These days, information is an important resource possession of which often predetermines who would be the leader of tomorrow and who would become a thing of the past. Therefore, companies should not be careless about the issue. Seeking the balance between due transparency and reasonable confidentiality is a crucial task of Russian law. Some solutions to the problem will be the subject of this panel discussion.


Denis Novak

Deputy Director of the Department of the Economic Legislation, Ministry of Justice of the Russian Federation


Artem Afanasyev

Director of the Legal Department and Compliance Control, Member of the Management Board and Member of the Board of Directors, GC 'DIXY'

Oxana Balayan

Managing Partner, Hogan Lovells CIS

Rupert Boswall

Senior Partner, Reynolds Porter Chamberlain LLP

Elena Kuritsyna

Corporate Affairs Department Director, Bank of Russia

Aleksandr Kuznetsov

Head of Division of the Financial and Securities Legislation of the Department of Economic Legislation, Ministry of Justice of the Russian Federation

Tamara Merebashvili

Head of Corporate Governance and Property Department, Inter RAO Group

Date of birth

10 June 1977


St. Petersburg State University, 1999

Postgraduate degree:
  • Candidate Doctor of Jurisprudence
  • specialist in Civil Process
  • Arbitral Process
  • Civil Law
  • Enterprise Law, Family Law
  • International Private Law
Career history

2016 to present Head of Corporate and Property Relations Cluster, PJSC Inter RAO

Christian Schmies

Partner, Hengeler Mueller

Denis Yurov

Senior Partner, Delcredere

Dmitry Stepanov

Partner, Egorov Puginsky Afanasiev & Partners


Dmitry has a degree from the Moscow State Law Academy (1999, magna cum laude) and the Russian School of Private Law (2001, master’s degree in private law, magna cum laude). He completed his post-graduate studies at the Institute of Legislation and Comparative Legal Studies under the Russian Government and was given PhD in law degree in 2004. Subsequently in 2013 he earned an LL.M degree from Harvard Law School, and in 2015 successfully completed Master of Public Administration program at Harvard Kennedy School.

Professional experience:

As an active voice of the Russian business community interested in the fundamental reform of the Russian Civil Code, Dmitry was recently involved in creation of a new version of the Code as a member of the Non-Profit Partnership for Enhancement of Corporate Law and as a member of the Presidential Task force to create an international financial centre in Moscow. In 2016 Dmitry became a member of the development of the "road map" working group for the improvement of corporate governance at the Agency for Strategic Initiatives, and in 2017 - a member of the Expert Board on Corporate Governance for the Ministry of Economic Development of the Russian Federation.

Other highlights in Dmitry’s experience in drafting of laws include advising the Ministry of Economic Development of the Russian Federation and the Property Committee of the State Duma in respect of a wide range of major legislation, including the Federal Laws on Joint-Stock Companies, on the Securities Market and on Insolvency/Bankruptcy. He was also engaged in a joint project between the Inter-Parliamentary Assembly of the CIS States and the European Bank for Reconstruction & Development (EBRD) for drafting a Model Joint-Stock Law for the CIS countries.

Alongside with his law practice Dmitry teaches at the National Research University "Higher School of Economics", Statute Law School, and the M-Logos institute.

Competence, Specialization:

Dmitry is actively involved in the improvement of Russian legislation and has 15+ years of hands-on experience in corporate law, securities, restructuring and corporate finance, M&A, bankruptcy and commercial litigation.

Achievements and awards:

Dmitry Stepanov is recommended by The Legal 500 (in Corporate and M&A, Banking and Finance, and Shipping and Transport), Best Lawyers (in Corporate, Mergers and Acquisitions, Arbitration and Mediation, and Litigation) and IFLR1000 (in Restructuring and Insolvency).

*This schedule may be subject to change