LIABILITY OF MANAGEMENT BOARD MEMBERS. INTERNAL PROCEDURES

Board members of a limited liability or a joint-stock company may be held liable for actions undertaken as part of their duties and this may involve i.a.:

• financial liability towards the company
• financial liability towards the company’s creditors
• financial and penal fiscal liability on account of public-law liabilities such as taxes and social insurance contributions
• criminal liability for offences and transgressions related to board members duties

Implementation of appropriate internal corporate procedures may largely reduce or eliminate board member liability.

We supports board members through:

• identification and explanation of the existing and future risks with regard to board member liability
• audit of corporate procedures
• verification of authorizations and powers of individual employees and related corporate procedures
• giving opinions on currently applicable corporate procedures and developing new procedures
• handling court and administrative proceedings related to board member liability.