Subjective corporate RIGHT for payment of dividend in the legislation of the Russian Federation and the EU

The article presents the results of studies of the main provisions of the existing national legislation of the Russian Federation and the supranational EU law on economic societies aimed at protecting the rights of their members within the context of the most common violations associated with the payment of dividends resulted from the conflict of mutually excluding interests, as well as dividend policy of relationships of the companies within the integrated business structures. The task of the legislator is to balance the interests of participants of the economic society and the creation of legal instruments that can address the root cause of corporate disputes between majority and minority shareholders, as well as the conflict of interests between shareholders and society as the entire legal entity, which is examined in the article with regards of the practice of paying dividends demonstrating the occurrence of conflict of interests and the purposes of net profits of the enterprise. Developed on the basis of comparative analysis, taking into account the positive, appropriate to the needs of the modern business activities of the RF, experience of the united Europe, the recommendations are intended to contribute to the improvement of existing and creation of new legal basis for the dividend policy of the state and corporations conducted by the Russian joint-stock companies, as well as modern tools of protection of the shareholder rights to receive dividends consistent with the harmonized corporation rights at the international and regional level of regulation.

subjective corporate rights, interests of participants of business companies, conflict of interests, right of shareholders to receive dividend, protection of minority shareholders’ rights, principles of Corporate Governance of OECD, Corporate Governance in Eurasia, dividend policy, the EU Directives, payment of cross-border dividends, dividend policy within business associations, transfer of income from subsidiary company to the parent one in the form of dividents