KIEV, Sept. 18 -- The adoption of the Law on Joint Stock Companies by Ukraine's Parliament on Wednesday "creates legal conditions to protect the rights of shareholders in Ukraine and removes many gaps in current legislation regarding the establishment and operations of joint stock companies," reads a statement by the American Chamber of Commerce in Ukraine.

"The adoption of the Law on Joint Stock Companies will help to improve the investment climate, increase Ukraine's competitiveness in the global arena, create conditions for development of the stock market in Ukraine and will help to further guarantee protection of property rights," Jorge Zukoski, the President of the American Chamber of Commerce in Ukraine, commented on the parliament's decision. "The Chamber fully understands that the current version of the Law on Joint Stock Companies is not perfect but to this point it is the most comprehensive and well thought through piece of legislation in the sphere of corporate governance in Ukraine."