Today the Press Center of the Russian Ministry for Economic Development hosted a press briefing on the establishment of Non-profit Partnership For Advancement of Corporate Law.
The press briefing was attended by representatives of the Russian Ministry for Economic Development and the law firms that established the partnership.
In his introductory remarks Ivan Oskolkov, Director of the Department for Innovative Development and Corporate Governance at the Russian Ministry for Economic Development, thanked the law firms for their effort to join forces and agree on how they would work for the benefit of the national legal system. Oskolkov noted: "An authoritative opinion emerged in the market that may be tapped in resolving most complex issues of our legal system, particularly, the corporate law".
Speaking of the goals behind the partnership and the current objectives pursued by its incorporators, Dmitry Stepanov, Partner at Egorov Puginsky Afanasiev & Partners, emphasized: "The establishment of this non-profit partnership by leading Russian law firms pursued a clear and a pragmatic objective - to create a reasonable and viable legal environment. If you wish, we see it as investment into our future: today we spend a thousand unbillable hours and in five or seven years this investment will be recouped in the form of tens of thousands of billable hours - paid by our potential clients to Russian lawyers who would be interested in applying only Russian law within the country".
Alexander Khvoschinsky, Executive Director of the non-profit partnership and Managing Partner of LegalStudies.ru, added: "The partnership's mission is to organize our work at such an expert level that would make others see the partnership as an independent entity capable of dealing with draft legislation".
The non-profit partnership Promotion of Corporate Law was established by the leaders of the Russian legal services market in response to an apparent need to develop the basic principles of corporate law. Its establishment is to lead to a more frequent application of Russian law, boost the attractiveness of investment and the efficiency in safeguarding investor rights in the Russian Federation.
The Partnership's statutory objectives include: raising competitive power and ensuring efficient application of corporate law; bridging the gap between the application of Russian corporate and financial law and the best practices in Europe, the United States and other developed nations; analysis and use of the world's best practice in individual regulatory and corporate matters; law-making.
The partnership's founders included Egorov Puginsky Afanasiev & Partners, EDAS, Andrey Gorodissky & Partners, VEGAS-LEX, Liniya Prava, ALRUD, Capital Legal Services, Goltsblat BLP, Pepeliaev Group, YUST, and the State Corporation ‘Bank for Development and Foreign Economic Affairs' (Vnesheconombank).