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Legislative proposal in the field of Lithuanian corporate law

30 Aug 2012

On August 29, 2012 a legislative proposal on amending the Law on Companies was registered in the Parliament of the Republic of Lithuania. It is proposed that the decisions of the board shall be adopted only by a simple majority of votes given, whereas current legislation provides for a possibility to state in the Articles of the Association that a qualified majority of votes is required for a decision to be adopted. The legislative proposal is intended to simplify the decision-making procedures of the board and thus to ensure that important and urgent matters are resolved more quickly.

Draft law on amending the Law on Companies can be found by following this link.

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