Employee share plans in Russian Federation: regulatory overview

A Q&A guide to employee share plans law in Russian Federation.

The Q&A gives a high level overview of the key practical issues including, whether share plans are common and can be offered by foreign parent companies, the structure and rules relating to the different types of share option plan, share purchase plan and phantom share plan, taxation, corporate governance guidelines, consultation duties, exchange control regulations, taxation of internationally mobile employees, prospectus requirements, and necessary regulatory consents and filings.

To compare answers across multiple jurisdictions, visit the Employee Share Plans: Country Q&A tool.

This Q&A is part of the global guide to employee share plans law. For a full list of jurisdictional Q&As visit www.practicallaw.com/employeeshareplans-mjg.

Sergei Zhestkov and Valery Getmanenko, Baker & McKenzie
Contents

Employee participation

1. Is it common for employees to be offered participation in an employee share plan?

Many multinational foreign corporations and major Russian companies actively use share awards as long-term motivation for employees. The award plans include:

  • Employee share plans (ESPs).

  • Share option plans.

  • Share purchase and acquisition plans.

  • Restricted share and restricted share unit (RSU) plans.

  • Other share awards payable in shares or in cash.

 
2. Can employees be offered a share plan where the shares to be acquired are in a foreign parent company?

Employees can be offered share plans for shares in a foreign multinational company provided that the grant is structured in compliance with Russian Securities Market Law (RSML) (see Question 34).

 

Share option plans

3. What types of share option plan are operated in your jurisdiction?

Main characteristics. Generally, under share option plans, a company grants certain employees the option to purchase a number of the company's (or the parent company's) ordinary shares. These options are typically:

  • Granted to employees and are not transferable, except on death under the laws of succession, distribution or inheritance.

  • Expire ten years after the grant date.

  • Vest over a period of time after the grant date. Vesting is based on the employee remaining in the employer's company or its subsidiaries over the vesting period. Once vested, the options can be exercised at any time before the exercise expiry date. If employees choose to exercise their options then they can buy ordinary shares at the option exercise price and can then either:

    • keep the shares;

    • sell them in full;

    • sell them for an amount necessary to cover tax liabilities upon exercise.

The exercise price is equivalent to the fair market value of the shares on the grant date. Generally, the fair market value for:

  • Listed companies is the closing price of the ordinary shares on a public stock exchange on the grant date.

  • Unlisted companies is usually determined by an appraisal.

Employees can pay for shares with one or a combination of the following methods:

  • Cash.

  • Same-day sale (cashless exercise).

  • Delivery of shares already owned by the employee.

Under the cashless exercise programme, employees exercise their options without paying cash. If an employee elects to do a cashless sell-all exercise, he instructs a broker to:

  • Sell the shares issued on the option's exercise.

  • Use the proceeds to pay the option exercise price and service fees.

  • Give the balance to the employee in cash.

Alternatively, the employee can instruct the broker to sell enough shares to cover the option exercise price plus service fees and to purchase employer's shares in the employee's name with the balance.

Types of company. Foreign share plans (granting foreign share awards) can be offered to employees of:

  • Russian subsidiaries of international foreign-based listed or unlisted companies.

  • Branches and representative offices of international foreign-based and listed companies.

  • Major Russian corporations having foreign holding structures within their groups.

Domestic employee share plans (ESPs) are still a minority and are offered to employees by a small number of major Russia-listed companies.

Popularity. Foreign share plans are more common than domestic ESPs, which are offered by a small number of major Russia-listed companies.

Grant

4. What rules apply to the grant of employee share option plans?

Discretionary/all-employee. Employers can offer share plans to all employees (all-employee plans) although they are more commonly offered selectively to senior executives and executive directors or to certain categories of employees, for example, sales managers in a certain product line.

Non-employee participation. Share option plans generally cannot be granted to non-employee consultants or directors.

Maximum value of shares. There is a maximum value of shares determined by the issuer over which options can be granted under share option plans, either on a per-company or per-employee basis.

Market value. The option exercise price must be equivalent to the fair market value of the shares on the date they are granted.

 
5. What are the tax/social security implications of the grant of the option?

The Russian Tax Code (revised Chapter 23, effective 1 January 2011) provides for the taxation of share options and other financial instruments both at granting and exercise. The below analysis of the tax consequences for employees is based on a reasonable interpretation of how these new provisions might apply. For further details on current trends and expected reforms see Question 34. The tax base is determined by the fair market price of the shares, which is calculated as either the:

  • Closing price of shares on the relevant exchange if the shares are publicly traded.

  • Amount of capital (net assets) divided by the number of issued ordinary shares (presuming no preferred shares are issued) if the shares are non-publicly traded.

The taxable income is equal to the estimated option price discounted by 20%.

Employees are not subject to social insurance contributions.

The employing local subsidiary or branch of the issuer:

  • Is not entitled to a tax deduction for the reimbursement of the spread to the employer unless it specifically structures the share award (for example, issuing special bonuses to buy the shares on exercise) or uses an inter-company recharge arrangement.

  • Does not pay social security contributions if the:

    • share options are granted to the employee directly by the issuer;

    • grant or exercise or cash settlement is not structured through the payroll of the local subsidiary or branch.

Vesting

6. Can the company specify that the options are only exercisable if certain performance or time-based vesting conditions are met?

Share option plans can specify that options are only exercisable when performance or time-based vesting conditions are met.

 
7. What are the tax/social security implications when the performance or time-based vesting conditions are met?

Share option plans are not subject to tax charges on vesting.

Exercise

8. What are the tax/social security implications of the exercise of the option?

Tax/social security on exercise. Share option plans can be subject to tax on exercise.

Employees are charged tax on the difference between the market value of shares on the exercise date, taking into account share price fluctuation on that date, and the exercise price of the shares (the spread). If, on the exercise date, the exercise price is:

  • Below the lowest trading price of the shares, the spread is subject to income tax at a flat rate of 13%.

  • Above the lowest trading price of the shares then no tax is charged.

Sale

9. What are the tax and social security implications when shares acquired on exercise of the option are sold?

Tax/social security on sale. Employees who hold shares after vesting may be subject to income tax at a flat rate of 13% when they subsequently sell the shares.

The taxable amount is the difference between the sale price (less broker fees, if any) and the closing price of shares on the day when such shares were recorded on the employee's brokerage account (provided that they paid taxes on exercise), less the amount of tax paid on exercise.

Employees are not subject to social insurance contributions.

Accounting for tax/social security. Employers are not required to withhold and report individual income tax when employees sell shares.

How liability is recovered from employee. Employers are not required to recover liabilities from employees. Employees must report and pay all tax charges on sale. Employers are not subject to social insurance contributions on income from employees' share sales.

 

Share acquisition or purchase plans

10. What types of share acquisition or purchase plan are operated in your jurisdiction?

In Russia there are share purchase, restricted share and restricted share unit (RSU) plans. These are offered to employees working for the employer or one of the employer's local subsidiaries that has been designated eligible to participate.

Share purchase plans

Main characteristics. Employee share purchase plans are only offered to employees and the rights acquired are not transferable, except on death under the laws of succession and distribution or inheritance. The main characteristics of share purchase plans are that they:

  • Have multiple, consecutive purchase periods. These purchase periods are often six months in length (from the day of grant to purchase), but the period can be longer or shorter in length.

  • May have offering periods that contain multiple, consecutive purchase periods (for example, the share purchase plans may have a 24-month offering period made up of four six-month purchase periods).

  • Permit eligible employees to fund share purchases through voluntary after-tax payroll deductions, which are held by the employer or the employing local subsidiary until the end of the purchase period. Typically, the accumulated payroll deductions are not held in a separate corporate bank account and no interest is paid on the accumulated funds. Local subsidiaries in jurisdictions other than that of the employer will, at the end of the purchase period:

    • transfer the employees' accumulated payroll deductions to the issuer by wire transfer or use an offsetting book entry system;

    • convert the local currency to US dollars when the funds are transferred if the issuer is a US issuer.

When employees purchase shares, at the end of a purchase period they can hold or sell the shares without restriction.

Employees can withdraw from share purchase plans at any time before the end of the purchase period. When the employee withdraws, all accumulated payroll deductions are generally returned without interest.

Types of company. The following types of company can offer employee share plans:

  • Foreign multinational companies.

  • One of their local subsidiaries or branches that has been designated.

  • Russian-based companies.

Popularity. Foreign share purchase plans are more common than domestic employee share purchase plans, which are offered by a small number of major Russian-listed companies.

Restricted share plans

Main characteristics. Under employee restricted share plans, the employer grants certain employees shares subject to certain restrictions.

Restricted share plans are granted to employees only and are not transferable, except on death under the laws of succession, distribution or inheritance.

Employees that have been granted restricted shares typically have all of the rights of an ordinary shareholder (for example, voting rights or dividend rights).

Employees do not pay any cash to the employer for restricted shares or cash received as a result of such grants and:

  • Are entitled to receive dividends.

  • May be paid the dividend equivalent payment when dividends are paid on unvested restricted shares.

Restricted share plans may be subject to certain conditions and if the employer fully enforces these conditions, such as forfeiture and non-transferability, the employee may not receive anything of value as a result of the grant.

Types of company. Foreign parent companies or Russian-based companies can offer any type of restricted share plan to employees, subject to the restrictions of Russian law.

Popularity. Foreign restricted share plans are more common than domestic plans, which are offered by a small number of major Russian-listed companies.

RSU plans

Main characteristics. Under RSU plans, the employer grants certain employees an unfunded promise or right to receive, either in cash or ordinary shares, the value of the employer's ordinary shares.

RSU plans are granted to employees only and are not transferable, except on death under the laws of succession, distribution or inheritance.

Employees who have been granted RSUs only have the right to payment and have none of the rights of an actual shareholder.

Employees do not pay any cash to the employer for shares or cash received as a result of such grants and may be entitled to dividend equivalents, paid in cash or shares, only after RSUs have vested.

RSU plans may be subject to certain conditions and if the employer fully enforces these conditions, such as forfeiture and non-transferability, the employee may not receive anything of value as a result of the grant.

Types of company. Foreign parent companies or Russian-based companies can offer any type of RSU plan to employees, subject to the restrictions of Russian law.

Popularity. Foreign RSU plans are more common than domestic plans, which are offered by a small number of major Russian-listed companies.

Acquisition or purchase

11. What rules apply to the initial acquisition or purchase of shares?

Share purchase plans

Discretionary/all-employee. Share acquisition and purchase plans can be awarded on a discretionary basis to different categories of employees who work for the employer or for a designated subsidiary.

Plans can provide that employees cannot participate if they customarily work:

  • Less than 20 hours per week.

  • For five months or less in any calendar year.

Plans can also have other eligibility criteria.

Non-employee participation. Share purchase plans do not generally allow non-employee consultant or director participation.

Maximum value of shares. There is a maximum value of shares determined by the issuer that can be awarded under the plan, either on a per-company or per-employee basis.

Payment for shares and price. The share purchase price is set at a discount from the fair market value of the employer's ordinary shares at the purchase date. When calculating the price, the fair market value used is generally the closing price, or the average of the high and low prices, of the employer's ordinary shares on a public stock exchange on the purchase date. Typically, the discount is the lower of 85% of the fair market value of the ordinary shares on the first day, or the last day, of the purchase period.

Restricted share and restricted share unit (RSU) plans

Discretionary/all-employee. Restricted share and RSU plans can be granted on a

discretionary basis to different categories of employees.

Non-employee participation. Restricted share and RSU plans generally cannot be offered to non-employee consultants or directors.

Maximum value of shares. There are no requirements as to the maximum value of shares.

Market value. The share price must be equivalent to the fair market value of the issuer's shares (closing price for listed companies) on the date of granting or the date of vesting/exercise.

Payment for shares and price. Employees must not pay for shares.

 
12. What are the tax/social security implications of the acquisition or purchase of shares?

Share purchase plans

Tax/social security. The tax base that is used is determined by the fair market value of shares, in the same way as for share options (see Question 5, Share option plan: Tax/social security).

When share purchase plans are granted (or exercised) employees are:

  • Charged tax on the difference between the market value of shares on the exercise date, taking into account share price fluctuation on that date, and the exercise price of the shares (the spread). If, on the exercise date, the exercise price is:

    • below the lowest trading price of the shares, the spread is subject to income tax at a flat rate of 13%;

    • above the lowest trading price of the shares then no tax is charged.

  • Not subject to social insurance contributions.

The employing local subsidiary is not entitled to a tax deduction for the reimbursement of the spread to the issuer, unless it specifically structures the share award (for example, issuing special bonuses to buy the shares on exercise) or uses an inter-company recharge arrangement.

Social security contributions are not paid by the local subsidiary if the:

  • Share options are granted to the employee directly by the issuer.

  • Grant, exercise or cash settlement is not structured through the payroll of the local subsidiary. However, the use of payroll deductions does not, of itself, require the employer to make social insurance contributions.

Restricted share and restricted share unit (RSU) plans

Tax/social security. Restricted share and share-settled RSU plans are not taxed on grant.

Cash-settled RSU plans may be taxed twice, both on granting and vesting and the tax charges that arise are similar to share options (see Question 5, Share option plan: Tax/social security).

Employees are not subject to social insurance contributions.

An employer is not entitled to a tax deduction for the cost of awarding restricted share and RSU plans, unless the award:

  • Is specifically structured (for example, the employer issues special bonuses to buy the shares on exercise).

  • Uses an intercompany recharge arrangement.

Social security contributions are not paid by the local subsidiary if the:

  • Share options are granted to the employee directly by the issuer.

  • Grant, exercise or cash settlement is not structured through the payroll of the local subsidiary.

Vesting

13. Can the company award the shares subject to restrictions that are only removed when performance or time-based vesting conditions are met?

Share purchase plans

The employer can award the shares subject to restrictions that are only removed if certain performance or time-based vesting conditions are met.

Restricted share and restricted share unit (RSU) plans

Performance or time-based conditions that make restricted share and RSU awards subject to a substantial risk of forfeiture on the occurrence of certain conditions can be included, such as:

  • A vesting schedule based on the employee's continued employment with the employer or its subsidiary.

  • Tying receipt of the shares or cash to certain company performance goals.

 
14. What are the tax and social security implications when the performance or time-based vesting conditions are met?

Share purchase plans

There are no tax charges that arise on vesting of share acquisition or purchase plans. Only grant or exercise is taxable.

Restricted share and restricted share unit (RSU) plans

Restricted share and share-settled RSU plans are subject to tax charges on vesting at an income tax rate of 13%.

Cash-settled RSU plans may be subject to tax both on granting and vesting and the tax charges that arise are similar to share options (see Question 5, Share option plan, Tax/social security).

Sale

15. What are the tax and social security implications when the shares are sold?

Share purchase plans

Tax/social security on sale. Employees that hold shares after vesting and then subsequently sell them are subject to an income tax flat rate of 13%. The taxable amount is the difference between the sale price (less broker's fees, if any) and the closing price of shares on the day when the shares were recorded on the employee's brokerage account (provided that they paid taxes on exercise), less the amount of tax paid on exercise.

Employees are responsible for reporting and paying any taxes resulting from the sale of shares and are not subject to social insurance contributions.

Employers are not required to withhold tax and are not subject to social insurance contributions when employees sell shares through an employee share purchase plan.

Restricted share and restricted share unit (RSU) plans

Tax/social security on exercise. Restricted share and RSU plans are subject to tax charges on exercise.

Tax/social security on sale. Employees are taxed on the sale of shares acquired under restricted share and RSU plans with tax charges similar to those that arise on the sale of shares acquired after exercise of share options (see Question 9).

Accounting for tax/social security. Employers are not required to withhold and report individual income tax when employees sell their shares.

How liability is recovered from employee. Employees are responsible for reporting and paying any taxes resulting from the sale of shares. Employers are not subject to social insurance contributions on income from employees' restricted share or RSU sales.

 

Phantom or cash-settled share plans

16. What types of phantom or cash-settled share plan are operated in your jurisdiction?

Main characteristics. Phantom plans are usually structured to ensure employees receive the same financial reward they would have received if they had been granted a share option, exercised it later, and immediately sold the shares acquired.

Employees receive a cash amount by reference to the share price or share price growth.

Types of company. Any type of company can offer share phantom plans.

Popularity. Phantom plans are popular with any type of company as a simpler substitute for share-settled share plans.

Grant

17. What rules apply to the grant of phantom or cash-settled awards?

Discretionary/all-employee. Phantom plans can be granted on a discretionary basis to certain categories of employees.

Non-employee participation. Phantom plans generally cannot be offered to non-employee consultants or directors.

Maximum value of awards. There is no maximum or minimum award value for shares in phantom plans.

 
18. What are the tax/social security implications when the award is made?

There are no tax charges or social insurance charges that arise on the granting of phantom plans.

Vesting

19. Can phantom or cash-settled awards be made to vest only where performance or time-based vesting conditions are met?

Phantom plans can be structured to vest only when performance or time-based conditions are met.

 
20. What are the tax/social security implications when performance or time-based vesting conditions are met?

There are no tax or social security charges that arise on the vesting of phantom plan awards.

Payment

21. What are the tax and social security implications when the phantom or cash-settled award is paid out?

When employees exercise phantom options, individual income tax charges arise on the cash award paid out. The tax rate is 13% applied to the benefit received by the employee.

If the payment is structured through the local payroll, the employer must withhold individual income tax and must also pay employer social insurance contributions to the:

  • Russian Pension Fund at a rate of 22% on the total year-to-date salary and benefits of the employee not exceeding RUB711,000 plus 10% of the year-to-date earnings exceeding RUB711,000.

  • Federal Social Security Fund at a rate of 2.9% (1.8% for certain foreign employees) on the total year-to-date salary and benefits of the employee not exceeding RUB670,000.

  • Federal Mandatory Medical Insurance Fund at a rate of 5.1% on the total earnings, without any threshold or cap.

  • Federal Social Security Fund covering occupational accidents and disease at the fixed rate of 0.2 to 8.5%, which is set depending on the applicable class of occupational risk on the total earnings, without any threshold or cap.

The rates and the threshold or maximum tax bases may be subject to change annually. The social insurance contributions are paid by employer at its expense and are not withheld or deducted from payments to employees.

 

Corporate governance guidelines, market or other guidelines

22. Are there any corporate governance guidelines, market rules or other guidelines that apply to any of the above plans?

There are no specific corporate governance, shareholder or market rules guidelines.

 

Employment law

23. Is consultation or agreement with, or notification to, employee representative bodies required before an employee share plan can be launched?

Generally, consultation or agreement with, or notification to, employee representative bodies is not required, unless the share plan is implemented as a local plan by the local subsidiary or branch.

 
24. Do participants in employee share plans have rights to compensation for loss of options or awards on termination of employment?

If employees leave the employer company for any reason before the end of the vesting period, they will generally forfeit unvested options. There are some exceptions where the options can be kept for a period after termination of employment, such as, retirement, disability or death.

Following the termination of employment, vested options can generally be exercised within a limited time period, for example, 90 days.

 

Exchange control

25. How do exchange control regulations affect employees sending money from your jurisdiction to another to purchase shares under an employee share plan?

There are no general currency restrictions related to transfer of funds from a Russian employee to a foreign company. In some cases, Russian banks may ask for documents (in Russian) about the award to ensure the legality of award payments made in foreign currency to or from Russia.

 
26. Do exchange control regulations permit or require employees to repatriate proceeds derived from selling shares in another jurisdiction?

There are no currency restrictions on Russian employees repatriating proceeds to Russia. Generally, employees must repatriate proceeds (except dividends) into foreign currency accounts with authorised Russian banks. After the sale proceeds are initially received in Russia, employees can then forward them on to foreign banks or otherwise dispose of them without limitation.

 

Internationally mobile employees

27. What is the tax position when an employee who is tax resident in your jurisdiction at the time of grant of a share option or award leaves your jurisdiction before any taxable event affecting the option or award takes place?

Resident employee

Resident employees are taxed on worldwide income at a flat income tax rate of 13%. Employees are deemed tax resident if they stay in Russia for more than 183 days in any 12 consecutive months.

Non-resident employee

Non-resident employees are taxed only on their Russian-source income at a 30% flat rate.

 
28. What is the tax position when an employee becomes tax resident in your jurisdiction while holding share options or awards granted abroad and a taxable event occurs?

Resident employees are taxed on worldwide income at a flat income tax rate of 13%. Employees are deemed tax resident if they stay in Russia for more than 183 days in any 12 consecutive months.

 

Securities laws

29. What are the requirements under securities laws or regulations for the offer of and participation in an employee share plan?

There are no requirements (including those for a prospectus) for the offer of and participation in an employee share plan.

 
30. Are there any exemptions from securities laws or regulations for employee share plans? If so, what are the conditions for the exemption(s) to apply?

The Russian prospectus and registration requirements or qualified investor restrictions generally do not apply to foreign shares provided under share plans. If the shares are provided to a limited number of beneficiaries outside of Russia then the share plan is regulated by foreign law and the beneficiaries will not trade the shares in Russia. The other exemption applies if the shares under the share plans are awarded on the basis of an employment agreement or according to the performance of obligations set forth in an employment agreement (see Question 34: Trends and Developments).

 

Other regulatory consents or filings

31. Are there any other regulatory consents and filing requirements and/or other administrative obligations for an offer of and participation in an employee share plan?

Employees that are Russian tax residents must include on their annual tax returns their income from the:

  • Exercise of stock options and receipt of shares (if the tax is not withheld in full by the employer).

  • Sale of shares.

There are no other regulatory consents or filings requirements for employee share plans (ESPs).

 
32. Are there any data protection requirements or obligations for an offer of and participation in an employee share plan?

The employer as the personal data operator is subject to general data protection requirements, including:

  • Obtaining consent from employees.

  • Notification of the Russian Data Protection Authority.

  • Implementing all the required technical and organisational data protection measures.

From 1 September 2015, the employer and the issuer of the shares must comply with the new requirement that personal data of Russian citizens must be collected, accumulated, stored, updated and retrieved using databases located in Russia.

The employee's consent in the appropriate form is required before sending the employee's personal data abroad.

 

Formalities

33. What are the applicable legal formalities?

Translation requirements. The employee share plan (ESP) documents for Russian employees should include a translation into the Russian language.

E-mail or online agreements. Offers and agreements can generally be made by e-mail or electronically, unless the share plan is implemented as a local plan by the local subsidiary or branch, in which case they should be supplemented by executed hard copy documents.

Witnesses/ notarisation requirements. There are no witnesses or notarisation requirements.

Employee consent. The employee consents to deductions from their salary, where applicable, when they accept the offer of an ESP. The employee's consent in the appropriate form is required before sending the employee's personal data abroad.

 

Developments and reform

34. Are there any current trends, developments and reform proposals that have or will affect the operation of employee share plans?

Trends and developments

The legal system does not address in detail many of the legal issues that are central to an examination of employee share plans (ESPs) and a lot of uncertainty surrounds how ESPs should be dealt with. While the legal treatment is generally positive, the main challenges are in the securities law and tax law treatment.

The Central Bank of Russia (CBR) became the regulator of ESPs from 1 September 2013. The CBR cannot grant exemptions from the rules established by the Russian Securities Market Law (RSML) or allow any transactions that are not based on the express wording of the RSML. In the event of any controversy, the position of the CBR is not binding on a court in Russia. Transactions made in violation of the RSML are deemed void from the Russian law perspective.

Share awards by foreign companies to Russian individuals based on the current interpretation of RSML are not restricted by the CBR where the grant is made:

  • Under the applicable foreign law.

  • To a limited number of individuals in Russia in connection with their work for a Russian employer entity that is part of the grantor's group.

  • On the condition that awards are non-tradable in Russia and can only be exercised abroad.

If a company structures the grant outside Russia, then the following can be formed under the Structure Exemption of the RSML:

  • Share options.

  • Restricted shares.

  • Restricted share units (RSUs) and share purchase rights.

  • Other share awards.

To qualify for this exemption, companies must make offers to employees either electronically from web-servers located outside Russia, or by mail addressed directly to the employees. The companies must also comply with several other limitations.

Alternatively, the company can use an Employment Exemption, under Federal Service for Financial Markets (FSFM) Order No. 11-8/pz-n of 5 April 2011 (effective 19 June 2011). If the acquisition of the employer's shares is based on an employment agreement or according to performance obligations under such an agreement, individuals that are not qualified investors can acquire foreign securities or financial instruments that are not eligible for public placement or public circulation in Russia, without the involvement of a broker. Although the order is unclear on whether the employment contract must be entered into with the employer (the issuer) or the local employing company in Russia, the order can be reasonably interpreted to cover both possibilities. The restrictions on the acquisition, holding and trading of shares would also apply if this exemption were used.  

The above analysis of the tax consequences for employees in relation to ESPs is based on a reasonable interpretation of how the provisions of RSML may apply. The Ministry of Finance has issued several private rulings on this issue providing clarification that stock options are not taxable at grant (only at exercise) as long as they are not deemed as financial instruments under the RSML.

Reform proposals

There are currently no official proposals for reform that will affect the operation of employee share plans.

 

Online resources

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Description. LawInContext Pte. Ltd. is an online legal information and training venture of Baker & McKenzie providing a suite of online training and knowledge resources in the key areas of business law by jurisdiction. This is an English language resource. It is updated on a quarterly basis.



Contributor profiles

Sergei Zhestkov

Baker & McKenzie

T +7 495 787 2700
F +7 495 787 2701
E sergei.zhestkov@bakermckenzie.com
W www.bakermckenzie.com

Professional qualifications. Russia, Lawyer, 1995

Areas of practice. Employee benefits; share incentives.

Recent transactions. Advising several major multinational clients on structuring and implementation of share incentive plans.

Valery Getmanenko

Baker & McKenzie

T +7 495 787 2700
F +7 495 787 2701
E valery.getmanenko@bakermckenzie.com
W www.bakermckenzie.com

Professional qualifications. Russia, Lawyer, 2001; Utah, USA, Lawyer, 2005

Areas of practice. Employee benefits; share incentives.

Recent transactions. Advising several major multinational clients on structuring and implementation of share incentive plans.


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