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.