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Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Sergei Lvov
Preference Shares as an Instrument for Attracting Investments: Model of Legal Regulation
Corporate Lawyer
(Master’s programme)
2019
The main subject of master’s thesis is legal regulation of preference shares. Preference shares now are very popular instrument for investments especially if it is connected with venture capital.

However, preference shares have very poor regulation in Russia. I identified few key elements which must be in legislation and work because without them preference shares will not accomplish all their functions. These elements are:

1) Preference in receiving dividends;

2) Fixed dividend;

3) Optionality of dividends’ payments;

4) Ability to set cumulative dividends;

5) Ability to issue convertible preference shares (but not like in Russia now with limited

triggers of conversion);

6) Ability to issue redeemable shares.

7) Ability to set any other rights for preference shareholders.

Furthermore, it is necessary to pay attention to conflict of interests between preference and ordinary shareholders. Regulation of preference shares of public companies must be mandatory for the reason of this conflict. In private companies shareholders can resolve the conflict themselves through contract.

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