• O I Vygovskyy Institute of International Relations at Taras Shevchenko National University of Kyiv


The article reveals the peculiarities of legal regime of related-party transactions in which insiders of a joint-stock company are interested, explores theoretical categories of conflict of interests and interest in corporate relationship as key determinants for qualification of certain group of transactions as related-party transactions, discovers specific features of legal regulation of such transactions within the Ukrainian legal environment related to the need for disclosure of information about available conflict of interests and specific procedure of ‘ratification’ of such transactions by the competent governing body of a company, as well as focuses on drawbacks of existing legislative rules and possible ways of their improvement. The author examines the consequences of non-compliance with the legal rules in respect of the related-party transactions and focuses its attention on the need for protection of interests of bona fide third parties, as well as considers the issue of filing an action against a related party by the joint-stock company itself and minority shareholders. The author of the article emphasizes that a non-disclosed conflict of interests and non-compliance with the internal corporate procedures of a joint-stock company should not affect the validity of rights of third persons – counterparties under related-party transactions.

Author Biography

O I Vygovskyy, Institute of International Relations at Taras Shevchenko National University of Kyiv
Doctor of Jurisprudence, Associate Professor at the Department of Private International Law


Bodnar Т. Pravochyny aktsionernykh tovarystv, shchodo vchynennia iakykh ie zainteresovannist’ / Т. Badnar // Yurydychna Ukrayina. – 2009. – №2. – P. 36-40.

Budylin S.L. Krupnye sdelki i sdelki s zainteresovannostiu. Opyt regulirovaniia v Velikobritanii / S.L. Budylin // Arbitrazhnaia praktika. – 2014. - №3. – P. 116-125.

Gabov А.V. Sdelki s zainteresovannostiu v praktike aktsionernykh obschestv: problemy pravovogo regulirovaniia / А.V. Gabov. – М.: Statut, 2005. – 412 p.

Egiazarov V. Sdelki s zainteresovannostiu v aktsionernykh obschestvakh / V. Egiazarov // Pravo i ekonomika. – 2003. - №2 . – P. 88-89.

Zhuchenko А. А. Sdelki s zainteresovannostiu: nekotorye problemy pravovogo regulirovaniya / А. А. Zhuchenko // Yurist. – 2001. – №8. – P. 2-3.

Karchevskyi K.A. Problemy vyznannia kola posadovykh osib aktsionernoho tovarystva, zainteresovannist’ iakykh u pravochyni tiahne za soboiu neobkhidnist zastosuvannia specialnoho poriadku yoho vchynennia / К.А. Karchevskyi // Aktualni problemy tsyvilnoho ta hospodarskoho prava. – 2010. - №6. – P. 91-110.

Kibenko Е.R. Korporativnoe pravo Velikobritanii. Zakonodatelstvo. Pretsedenty. Kommentarii. – К.: Yustinian, 2003. – 368 p.

Mikhailov S. Sdelki s zainteresovannostiu: teoriia i praktika / S. Mikhailov // Korporativnyi iurist. – 2006. – №8. – P. 51-54.

Osipenko О.V. Konflikty v deiatelnosti organov upravleniia aktsionernykh kompaniy. – М.: Statut, 2007. – 621 p.

Teliukina М.V. Poniatie sdelok s zainteresovannostiu / М.V. Teliukina // Zakonodatelstvo i ekonomika. – 2005. - №2. – P. 46-49.

Shtym Т.B. Aktsionerni ugody, pravochyny iz zainteresovannistu ta znachni pravochyny v aktsionernykh tovarystvakh: dys… kand. yuryd. nauk: 12.00.04 / Т.B. Shtym; Kyivskyi natsionalnyi universitet im. Tarasa Shevchenka. – К., 2014. – 242 p.

Shtym Т.B. Dohovory iz zainteresovannistu v praktytsi aktsionernykh tovarystv / Т.B. Shtym // Nashe pravo. – 2013. – №1. – P. 158-161.

Aberdeen Railway Co. v. Blaikie Brothers (1854) 1 Macq. 461.

Bona-Sanchez C., Fernandez-Senra C.L., Perez-Aleman J. Related-Party Transactions, Dominant Owners and Firm Value / C. Bona-Sanchez, C.L. Fernandez-Senra, J. Perez-Aleman // BRQ Business Research Quarterly. – 2017. – Vol. 20. – Issue 1. – P. 4-17.

Galani A., Rehn N. Related Party Transactions: Empowering Boards and Minority Shareholders to Prevent Abuses / A. Galani, N. Rehn / National Law School of India Review. – 2010. – Vol. 22(2). – P. 29-57.

Mahtani U.S. Analysis of Related Party Transactions in India: A Group and Non-Group Company Perspective / U.S. Mahtani // Corporate Ownership and Control. – 2018. – Vol. 15. – Issue 2(1). – P. 174-187.

Mittal P.K. Related Party Transactions: A Critical Study of the Scope and Coverage / P.K. Mittal // ICSI Chartered Secretary. – 2014. – P. 11-18.

Pizzo M. Related Party Transactions Under a Contingency Perspective / M. Pizzo // Journal of Management and Governance. – 2013. – Vol. 17. – Issue 2. – P. 309-330.

Pozzoli M., Venuti M. Related Party Transactions and Financial Performance: Is There a Correlation? Empirical Evidence from Italian Listed Companies / M. Pozzoli, M. Venuti // Open Journal of Accounting. – 2014. – Vo. 3. – P. 28-37.

Tong Y., Wang H. Related Party Transactions, Benefits of Control and Earnings Quality / Y. Tong, H. Wang // Frontiers of Business Research in China. – 2008. – Vol. 2. – Issue 2. – P. 187-203.