Implements of Corporate Governance: Statute of Shareholders’ Agreements

The paper analyzes the reasons and conditions of concluding shareholders’ agreements, consequences of their use in specific areas, determines the factors which influence the terms of shareholders’ agreements and choice of enforcement on the basis of foreign experience. The method of survey makes possible to classify shareholders’ agreements by subject and formality, to conclude that one of the key factors influencing both the fact of concluding shareholders’ agreements and their terms is the type of legal system in a country. While comparing two institutional agreements (articles of association and shareholders’ agreement) the authors give their answer to the question of statute of shareholders’ agreements in corporate architecture.