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5.3. Business Engagement in the Country’s Spiritual Life: Legal Forms and Incentives

Thursday, 16 May
12:00 - 14:00

Hall #4, General Staff Building (6-8, Dvortsovaya sq.)

Russian businessmen's desire to invest not only in business but also in social and/or cultural projects, to engage in targeted mindful charitable activities, is more and more evident with every passing year. They think more and more often over the opportunities to leave behind after their death not only their capital but also good memories.

Arts patronage, sponsorship over exhibitions, sports events, financing hospices — these are only some initiatives revealing the business’ social responsibility that should be encouraged and support by legislators.  However, no such initiatives may be implemented on the background of the existing narrow approach to charitable activities set out in the Russian laws.

To achieve the desired objectives, we need new legal concepts. The Law on Charitable Activities adopted in 1995 does not fully satisfy the demand for charity. The rules on charitable organizations stipulated in the Law are not popular.

Since 2015 the business has been vigorously discussing the draft law on private foundations some provisions of which have been adopted and came into force on 1 September 2018 (provisions on 'posthumous' foundations). The legislator is presently considering the draft Federal Law #499538-7 'On Amendments to Chapter 4 of Part I of the Civil Code of the Russian Federation (on Private Foundations)' in which a private foundation is represented as a system for management of some part of a private capital giving the opportunity not to lose control over private funds and to provide for revenues allocation to different purposes: needs of the family, charity, arts patronage, etc.

The founder's right to set out the prerequisites for payments is a tool for encouragement to invest the money of a family not only in business projects but also in spiritual heritage. Will private foundations become trust equivalents? Does this legal form imply any risks for the civil turnover? Would we expect the acceleration of capital repatriations back to Russia in case the draft law on private foundations is adopted?

The foreign practice shows that tax incentives may also become a powerful driver of philanthropy development. How should such a fine-tuned tool as tax configuration be used in the Russian law-enforcement environment?

Moderator

Diana Kalyaeva

Head of Private Wealth Services, PwC Legal

Biography

Education, academic degree:

Moscow State Law Academy

Professional experience:

Diana advises on succession and family property relationship planning, structuring trust and similar arrangements, family business governance, financial law, philanthropy and international private law.

Specialist area, professional interests:

Diana graduated from Moscow State Law Academy. She is a member of the Society of Trust and Estate Practitioners (STEP) and holds a professional qualification in international trust management.

Achievements, rewards:

PwC Legal’s Private Wealth Practice is recommended by The Legal 500 (Tier 1) and Chambers High Net Worth (Band 1) as a leading practice in Russia. Diana is recommended by individual ratings of The Legal 500 and Chambers High Net Worth as a leading lawyer in Russia in private wealth law.

Speakers

Elena Lileeva

UK Head of Russia, CIS and Eastern Europe, Pictet & Cie

Biography

UK Head of Russia, CIS & Eastern Europe
Pictet Wealth Management

 

Elena Lileeva is UK Head of Russia, CIS & Eastern Europe at Pictet Wealth Management and is responsible for banking and investment offering for ultra-high net worth individuals.

Before joining Pictet in 2016 she was a Director at HSBC Private Bank (UK), where she was working for 10 years servicing UHNW clients from Central and Eastern Europe.

Elena is a Russian native and holds a Master’s degree from the University of Cambridge and BA (Hons) from MGIMO University in Russia.

Natalia Lugovaya

General manager, Live Now foundation

Lidia Mikheeva

Acting Chairman of the Board, Alexeev Private Law Research Center Under the President of the Russian Federation

Veronika Misyutina

Counsellor of Wealth Transformation Center SKOLKOVO, Moscow School Of Managemenet SKOLKOVO

Galina Pavlova

Managing Partner, Pavlova & Partners

Alexander Troller

Partner, LALIVE


* The Programme may be subject to change