25th February 2013

Chamber of Deputies: transparent measures adopted

At the last session, the Chamber of Deputies passed the Act on Transparent Rules of Joint Stock Companies (zákon o opatřeních ke zvýšení transparentnosti akciových společností) as it was proposed by the Government. Thus deputies rejected a private members’ amendment stipulating that the existing roll-shares on an owner need not be replaced after January, 2014. The Bill expects that till June, 2014 any joint stock companies should hold general meetings of stockholders at which the roll-shares on owners should be immobilized. The current discussion (as indicated at the plenary session of the Chamber of Deputies) stated rather confusion of the register to be set up; the shares should be registered (and therefore immobilized) by banks that keep accounts of the respective companies.
The Bill is heading to the Senate. For further information, click here (explanatory report).

The Chamber of Deputies also confirmed the Senate’s decision on rejecting the Act on Supreme Audit Office (zákon o nejvyšším kontrolním úřadu). The Bill’s aim was to extend the array of activities of the Office so that the Office would be appointed to conduct controlling functions at the regional and municipal level. In fact, such controls would perform impartial control of efficient public spending at those levels. The main objection to that Bill was that such controls have been already conducted by other public institutions (the Ministry of Finance). Furthermore, the rejection of the Bill in Senate has been caused by not approving the amendment to the Constitution that would enable extending of the Office’s rights.
For further information, click here (links for the Senate’s and Chamber’s discussions included).

Members of the American Chamber of Commerce in the Czech Republic