Directors' liability: a worldwide review
Gespeichert in:
| Format: | Buch |
|---|---|
| Sprache: | English |
| Veröffentlicht: |
Alphen aan den Rijn
Kluwer Law Internat. [u.a.]
2006
|
| Schriftenreihe: | International Bar Association series
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Includes bibliographic references and index |
| Beschreibung: | LVI, 422 S. |
| ISBN: | 9041125612 9789041125613 |
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| 650 | 7 | |a Directeuren |2 gtt | |
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Datensatz im Suchindex
| _version_ | 1804136227267411968 |
|---|---|
| adam_text | Table
of
Contents
About the Editor and the Authors
xxxix
Preface
lv
Index of Countries
lvii
Index of Abbreviations (Country
-
Abbreviation) lix
Index of Abbreviations (Abbreviation
-
Country)
lxi
Part I. Africa
1
Chapter
1
South Africa
3
David
Gewer, Eric
Levenstein and David Walker
I. National Basics and National Legal Theories of Directors
Liabilities
3
II. Recent Cases Dealing with Directors Liability ( Anthropological
Approach to Director s Liability )
5
III. Socio-Anthropological Issues
7
Vlil
Table of Contents
IV. Corporate Governance
V. Liability Issues
VI. Indemnification, Directors and Officers Insurance, Other
Methods of Protection
VII.
Lawyer Directorship
VIII.
The European Action Plan
9
10
10
Part II. America
11
1.
2.
3.
4.
5.
Chapter
2
Argentina
Javier M. Petrantonio and
Leandro
Javier
Caputo
I. National Basics and National Legal Theories of Directors
Liabilities
A. Corporation s Legal System in Argentina: One System Body
B. Board s Authority and Structure
Rules of the Board
Meeting of the Board
Duties of the Board
Composition of the Board
Director s Compensation
C. Directors Appointment and Conditions
1.
Election of Directors
2.
Individuals Precluded to Be Appointed as Directors
D. Delegation
1.
The Executive Committee
2.
Managers
E. Removal of Directors
II. Recent Cases Dealing with Directors Liabilities
A. Nature of Directors Liability
B. Directors Liability and Economic Situation
C. Cases Related to the Administration of the Company
D. Delegation and Activities in Competition with the Company
III. Judicial Review (Tightening of Standards?)
A. Directors Liability Stems from the Sole Fact of Being a
Board Member
B. Standard of Diligence
С
Damages to the Company and Liability: General Conditions
D. Judicial Procedure
IV.
Socio-
Anthropological Issues
A. Board s Composition and the Decision-making Process
B. Relationship Board/Management
13
13
13
14
14
14
14
15
15
16
16
17
17
18
18
18
18
18
19
19
19
20
20
20
21
21
22
22
22
Table of Contents
ix
V. Corporate Governance
23
A. Introduction
23
B. Board Procedures
23
VI. Liability Issues
23
A. The Responsibility Actions Ruled by the Companies Act
23
1.
Corporate Responsibility Action
( Acción de
Responsabilidad
Social
) 23
2.
Corporate Responsibility Action Filed by any Shareholder
24
3.
Individual Responsibility Action
24
B. Limits (Caps) and Statutory Limitations
24
C. Directors Joint Liability
25
D. Relevance of Bankruptcy with Regard to Bringing a
Director s Liability Action
25
E. Costs and Fees in Liability Litigation
26
VII.
Indemnification
26
VIII.
Directors and Officers Insurance
26
IX. Lawyer Directorship
27
Chapter
3
Bermuda
29
Peter Bubenzer and John Riihiluoma
I. National Basics and National Legal Theories of Directors
Liabilities
29
A. Board Structures
30
B. Election
30
С
Delegation
31
D. Removal of Directors
31
II. Recent Cases Dealing with Directors Liabilities
32
III. Traditional Approach
32
IV. Socio-Anthropological Issues
32
A. Changes to Composition of the Board
32
1.
Are the Decision-making Mechanisms Changing?
32
2.
Relationship Board/Management
32
V. Corporate Governance
33
A. Board Procedures
33
VI. Liability Issues
35
A. Who Can Sue?
35
B. Who Could Be Sued?
35
C. Derivative Actions
36
1.
Class Actions
36
2.
Relevance of Bankruptcy of Corporation with Regard
to Bringing a Directors Liability Suit
37
3.
Costs and Fees in Liability Litigation
37
Table
of
Contents
VII.
Indemnification
VIII.
Directors and Officers Insurance
IX. Other Methods of Protection
X. Lawyer Directorships
XI. European Action Plan
37
37
37
38
38
Chapter
4
Brazil
39
Walter Douglas Stuber
I. National Basics and National Legal Theories of Directors
Liabilities
39
A. Overview
39
B.
Limitada
39
C.
Sociedade Por Ações
( S.A. ) 41
II. Recent Cases Dealing with Directors Liabilities ( Anthropological
Approach to Directors Liability )
43
III. Judicial Review (Tightening of Standards)
43
IV. Socio-Anthropological Issues
44
V. Corporate Governance
44
VI. Liability Issues
46
A. Who Can Sue?
46
B. Who Can Be Sued?
47
C. Thresholds and Limitations/Caps of Liabilities in the
Respective Jurisdiction (if any) (Statutory Limitations on
Directors Liability)
47
D. Joint Liability/Solidarity
47
E. Derivative Actions
48
F. Class Actions
48
G. Relevance of Bankruptcy of Corporation with Regard to
Bringing a Directors Liability Suit
48
H. Costs and Fees in Liability Litigations
49
VII.
Indemnification
49
VIII.
Directors and Officers Insurance
49
IX. Other Methods of Protection
50
X. Lawyer Directorship
50
Chapter
5
Canada
Markus Koehnen
I. National Basics and National Theories of Directors Liabilities
51
51
Table of Contents
xi
A. Two-Tier or Unitary Company Structure
51
B. Chairman/CEO
52
С
Board Structures
52
D. Elections/Staggering
52
E. Delegation
52
F. Removal of Directors
53
II. Recent Cases Dealing with Directors Liabilities ( Anthropological
Approach to Directors Liability )
54
III. Judicial Review (Tightening of Standards)
54
A. The Shift from Result to Process
54
B. The Shift from a Subjective to an Objective Standard of Care
55
IV. Socio-Anthropological Issues
55
A. Is the Composition of Boards Changing in Light of Recent
Developments?
55
B. Are Decision-making Mechanisms Changing in Light of
Recent Developments?
55
С
Relationship Between Board and Management
56
V. Corporate Governance
57
A. Board Procedures
57
B. Structures of Oversight
57
VI. Liability Issues
57
A. Who Can Sue?
57
B. Who Can Be Sued?
58
С
Thresholds and Limitations/Caps of Liabilities
58
D. Joint Liability
58
E. Derivative Actions
59
F. Class Actions
59
G. Relevance of Bankruptcy
59
H. Costs and Fees in Liability Litigation
59
VII.
Indemnification
59
VIII.
Directors and Officers Insurance
60
IX. Other Methods of Protection
60
X. Lawyer Directorship
61
Chapter
6
Cayman Islands
Antony G.D. Duckworth, Alan G.
de Saram
and Wendy Stenning
I. Introduction
II. Board Structure
A. Appointment of Directors
B.
Delegation
C. Removal of Directors
63
63
64
64
65
65
Xli
Table
of
Contents
III. Duties of Directors
65
A. General Duties of Directors
65
B. Duty of Honesty and Good Faith
66
С
Duties of Care and Skill
67
IV. Liability Issues
68
A. What Can Be Recovered?
68
B. Costs
69
V. Indemnification of Directors
69
VI. Directors Reliance on Outside Professionals and Professionally
Qualified Directors
69
Chapter?
Chile
Jaime Carey and
Cristian
Eyzaguirre
I. National Basics and National Legal Theories of Directors
Liabilities
A. The Board of Directors
B. Composition of the Board
C. Powers of the Board and How They Are Used
D. Audit Committee
E. Executive Officers
II. Duties of Directors
A. Duty of Care
B. Duty of Loyalty
C. Duty of Disclosure
III. Liability of Directors
IV. Directors Insurance
V. Actions to Pursue Redress of the Company
VI. Conclusion
71
71
72
72
73
74
74
75
75
76
78
78
79
80
80
Chapter
8
Mexico
83
Daniel Del Rio and Juan
José López-de-Silanes
I. Introduction
83
A. Investment Promotion Companies
{Sociedades Anónimas
Promotoras de Inversión)
83
B.
Stock Exchange Investment Promotion Companies
(Sociedades Anónimas Promotoras de Inversión Bursátil)
84
C.
Stock
Exchange Companies
{Sociedades Anónimas Bursátiles)
84
Table of Contents
хні
II. National Basics and National Legal Theories of Directors
Liabilities
85
A. Two-Tier System or One-Tier System
85
B. Chairman/CEO (One or Two People/Checks and Balances)
86
С
Board Structures
86
D. Elections/Staggering
86
E. Delegation
86
F. Removal of Directors
87
III. Judicial Review (Tightening of Standards?)
88
IV. Socio-Anthropological Issues
88
A. Is the Composition of the Board of Directors Changing in
Mexico in Light of Recent Developments?
88
B. Are the Decision-making Mechanisms Changing in Mexico
in Light of Recent Developments?
88
C. Relationship Board/Management
88
V. Corporate Governance
89
A. Board Procedures
89
B. Structures of Oversight (Mechanics etc.)
89
VI. Liability Issues
90
A. Who Can Sue?
90
B. Who Can Be Sued?
90
C. Thresholds and Limitations/Caps of Liabilities in Mexico
(Statutory Limitations on Directors Liability)
91
D. Joint Liability/Solidarity
91
E. Derivative Actions
92
F. Class Actions
92
G. Relevance of Bankruptcy of Corporation with Regard to
Bringing a Directors Liability Suit
92
H. Costs and Fees in Liability Litigation
92
VII.
Indemnification
93
VIII.
Directors and Officers Insurance
93
IX. Other Methods of Protection
93
X. Lawyer Directorship
94
XI. The European Action Plan
94
Chapter
9
United States of America
Robert Ripin and Christopher Winckler
I. National Framework for US Corporate Boards
A. Regulatory Structure
B. Board Composition
1.
Board and Corporate Structure
2.
Number of Directors
95
95
95
95
95
96
XIV
Table of
Contents
3.
Age and Nationality Restrictions
4.
Independence
C. Multiple Roles
D. Board Procedures
E. Board Elections
1.
Classified Boards
2.
Cumulative Voting
3.
Staggered Board
4.
Weighted Voting
F. Delegation
G. Removal of Directors
II. Standards Applicable to Directors
A. General Duties
B. State Statue and Common Law Duties
1.
Duty of Care
2.
Duty of Loyalty
3.
Business Judgment Rule
III. Recent Cases Dealing with Directors Liabilities
A. WorldCom/Enron/Emerging Communications
B. Disney/Van
Gorkom
C.
Are Decision-making Mechanisms Changing?
IV Corporate Governance
A. Regulation
B. Sarbanes-Oxley Act
C. Board Composition/Independence
1.
Independence of Majority of Board Members
2.
Application to Foreign Private Issuers
3.
Corporate Governance Guidelines/Code of Ethics
D. State Law Requirements (Delaware)
V. Liability Issues
A. Who Can Sue?
1.
Shareholder Derivative Lawsuit
2.
Creditors Rights
3.
Regulator Actions
B. Grounds for Liability?
1.
Criminal and Civil Liability
2.
Securities Law
3.
Anti-trust
4.
Theft and Fraud
5.
Other
C. Thresholds and Limitations/Caps of Liabilities
D. Shareholder Liability
VI. Indemnification
VII.
Insurance
96
96
96
97
97
97
97
97
97
98
98
98
98
98
99
99
99
99
99
100
100
101
101
102
102
102
102
103
103
103
103
103
104
104
104
104
104
105
105
105
105
105
106
106
Table of Contents
Part III. Asia
XV
107
Chapter
10
Hong Kong
Allan Leung and Danny Leung
109
II.
III.
Introduction
109
A.
One-System Body
109
B.
Board Structure and Duality of Chairman and CEO
110
1.
Board Structure
110
2.
Duality of Chairman and CEO
110
С
Delegation
111
D.
Elections
111
E.
Removal of Directors
111
Liability Issues
111
A.
Directors Duties
111
1.
Fiduciary Duties
112
a. Duty to Act in Good Faith in the Best Interests of
the Company as a Whole
112
b. No Fetters on Discretion
112
с
Duty Not to Compete
112
d. Duty to Avoid a Conflict of Interest and Not to
Make a Secret Profit
112
e. Confidentiality
113
2.
General Duties
113
a. Skill Care and Diligence
113
b. Duty Not to Exceed Powers
114
с
Duty to Creditors
114
B.
Who Can Sue?
114
1.
Duties Owed to Individual Shareholder
114
2.
Duties Owed to Creditors
115
С
Who Can be Sued?
115
D.
Derivative Actions
115
1.
Common Law Derivative Action
115
2.
Statutory Derivative Action
116
E.
Unfair Prejudice
116
F.
Representative Actions
117
G.
Insolvency Context
117
1.
Misfeasance
117
2.
Fraudulent Trading
117
3.
Disqualification Order
118
H.
Costs and Fees in Liability Litigations
118
Tnrl
pmnifirfltinn
118
XVI
IV.
V.
Table
of Contents
Protection Against Wrongs of Directors
A. Ratification
B. Directors and Officers Liability Insurance
Corporate Governance
A. Existing Corporate Governance
B. Corporate Governance Reform
-
Difficulties in Hong Kong
1.
Family-Controlled Companies
2.
Quality of INEDs
C. Going Forward
118
119
119
119
119
120
120
120
120
Chapter
11
India
Som Mandal
П.
III.
IV.
с.
D.
E.
Introduction
A. Appointment of Directors
B. Shareholder Rights
Governments Right to Appoint Directors
Removal of Directors
Power of Directors May Be Amended
Recent Cases and Anthropological Approach to Directors Liabilities
A. Financial Scams
B. Judiciary
Government s Approach Towards Ensuring Greater Corporate
Accountability
Liability Issues
A. Officer in Default
Contractual Liabilities
Tortious Liability
Apprehension of Prosecution
Compounding of Offences, a Way Out?
Managing Director/Whole Time Director/Nominee
Director/Professional Director
Object and Scope of Section
633
Directors Liability Insurance
B.
С
D.
E.
F.
G.
H.
121
121
121
122
122
122
123
123
124
124
125
128
128
129
129
130
130
130
131
131
Chapter
12
Israel
Rachel
Levitán
I. National Basis
-
The Companies Law
- 1999
133
133
Table of Contents
xvii
A. History of the Current Company Law
133
B. The Board s Role as a Gatekeeper
133
II. The Structure of the Controlling Powers of a Company
134
A. The General Assembly of Shareholders
134
B
.
The Board of Directors
134
C. Ancillary Articles Relating to the Board s Activities
135
1.
Special Board of Directors (Clause
93
of the Law)
135
2.
Special Committees Formed by the Board
(Clauses
110-113) 135
3.
Internal Control Committee (Clause
114) 135
4.
Clause
112
of the Law Details the Various Powers
Which Cannot Be Transferred to Committees
135
5.
Election of Chairman of the Board (Clause
94-95) 135
6.
Outside Director
-
Preserving the Independence of the
Board
135
7.
According to Clause
235
of the Law, a Corporation May
Act as a Director
136
8.
Substitute Director (Clause
237) 136
D. Dismissal of a Director
136
1.
The Power to Dismiss a Director
136
2.
The Duty to Dismiss a Director
136
3.
An Outside Director Can Only Be Dismissed as Follows
136
E. The Chief Executive Officer
137
III. Main Aspects of the Law Relevant to D&O Liability
137
A. Legal Basis of Directors and Officers Liability
137
1.
Duty of Care
137
2.
Duty of Trust
137
3.
Directors with Special Expertise
138
B. Exemption, Indemnification and Insurance
138
C. Exemption from Liability
139
D. Indemnification for Criminal Investigations or Prosecution
139
E. D&O Liability Insurance
140
IV. Liability Issues
140
A. Who Can Sue?
140
B. Liability According to the Securities Act
- 1968 140
С
Procedure for Claiming
141
1.
Claim Filed by an Individual
141
2.
Derivative Action
141
3.
Class Action
141
D. What Cannot Be Sued by Way of Shareholders Claim?
142
E. Imposing Personal Liability on D&O While Acting as
Organs of the Company
142
F. Imposing Contractual Personal Liability on the D&O
143
G. Imposing Liability on Directors During Liquidation
143
XVIII
Table of
Contents
Chapter
13
Japan
145
Makoto Toyoshima
I.
Introduction
145
II.
Basic Structures (To Have a Board or Not, etc.)
146
A. Overview
146
B. KK Without a Board
146
С
KK with a Board
147
D. KK with Committees
147
III.
CEO, President, etc.
147
IV.
Structures of Board and Committees
148
V.
Elections
148
VI.
Delegation
148
VII.
Removal of Directors
149
VIII.
Other Recent Changes
149
A. Outside Director
149
B. Decision-making Mechanism
149
IX.
Judicial Review
150
A. Relationship Between KK and Directors/Executive Officers
150
B. Business Judgment Rule
150
X.
Corporate Governance
151
A. Convocation of the Board
151
B. Resolutions
151
C. Structure of Oversight
151
XI.
Liability Issues
152
A. Who Can Sue?
152
1.
Company
152
2.
Shareholder
152
3.
Third Party
152
B. Who Can Be Sued?
152
C. Thresholds and Limitation of Liabilities
153
1.
Negligence Requirement
153
2.
Exemption from Liabilities
153
3.
Partial Exemption of Liabilities
153
4.
Prior Agreement to Limit Liabilities
154
D. Relevance of Bankruptcy of a KK with Regard to Bringing
a Director s Liability Suit
154
E. Cost and Fees in Liability Litigations
154
F. Insurance
155
G. Other Methods of Protection
155
H. Lawyer Directorship
155
XII.
Conclusion
155
Table of Contents
xix
Chapter
14
Singapore
Andrew M.
Lim
157
I. National Basics and National Legal Theories of Directors
Liabilities
157
A. Directors Liabilities in General
157
B. Board Structures
159
1.
Code of Corporate Governance
159
2.
Chairman and CEO
159
3.
Board Composition and Guidance
159
С
Elections and Appointment
160
D. Delegation
160
E. Removal of Directors
160
II. Recent Case Law Dealing with Directors Liabilities
161
A. Lim Weng
Kee v. Public Prosecutor (High Court, Singapore)
[2002] 4
SLR
327 161
B. Vita Health Laboratories Pte Ltd
&
Ors
v.
Pang Seng
Meng
(High Court, Singapore)
[2004] 4
SLR
162 161
III. Recent Developments
162
A. The
2005
Code
162
B. Financial Services Industry
162
C. Legislative Proposals
162
IV. Corporate Governance
163
A. Independent Directors
163
B. Oversight Committees
163
V. Liability Issues
164
A. Who Can Sue?
164
B. Who Can Be Sued?
164
C. Thresholds and Limitations on Directors Liabilities
164
D. False Reports
164
E. Joint Liability/Solidarity
165
F. Derivative Actions
165
G
Oppression Actions
165
H. Release of Directors Duties
166
VI. Indemnification and Insurance
166
Chapter
15
Turkey
Serdar
Paksoy
I. Introduction
II. Who Can Be Elected as Director?
167
167
168
XX
Table
of Contents
A. Becoming a Director
1.
Qualifications of Directors
2.
Proposed Amendments
III. Composition of the Board
IV. Fiduciary Duties of Directors
V. Liabilities of Directors
A. Situations in Which Directors are Held Liable
B. Negligence Principle
C. Who Can Sue the Directors?
1.
Company
2.
Shareholders
3.
Third Party Claims
D. Liability of Directors Under CML
E. Liabilities of Directors Arising out of Extraordinary
Transactions
1.
Capital Increases
2.
Issuing Bonds
3.
Liability in Case of Bankruptcy
F. Liability of Directors Under the Tax Laws
G. Liability of Directors Under Social Security Law
H. Liability of Directors Under Banking Law
I. Liability of Directors Under Criminal Law
VI. Defences of Directors
VII.
Ceasing to Be a Director
168
168
168
169
169
170
170
171
171
171
171
172
172
173
173
173
173
173
174
174
174
174
175
Part IV. Australia and New Zealand
177
Chapter
16
Australia
179
Fred Chilton and Michael Scarf
Introduction
179
I. National Basics and National Legal Theories of Directors
Liabilities
179
A. Two-Tiered or Unitary Company Structure
179
B
.
Chairman/CEO (One or Two People/Checks and
В
alances) 1
80
C.
Board Structures
180
D.
Elections/Staggering
180
E.
Delegation
180
F.
Removal of Directors
181
II. Recent Cases Dealing with Directors Liability ( Anthropological
Approach to Directors Liability
) 181
III. Judicial Review (Tightening of Standards?)
182
Table of Contents
xxi
IV.
Socio-
Anthropological Issues
A. Is Board Composition Changing in Australia in Light of
Recent Developments?
B
.
Are the Decision-making Mechanisms Changing in Australia
in Light of Recent Developments?
С
Relationship Board/Management
V. Corporate Governance
A. Board Procedures
B. Structures of Oversight (Mechanics etc.)
VI. Liability Issues
A. Who Can Sue?
1.
The Company and Individual Shareholders
2.
ASIC
3.
Creditors
B. Who Can Be Sued?
С
On What Basis Can a Director Be Sued?
D. Thresholds and Limitations/Caps of Liabilities in Australia
(Statutory Limitations on Directors Liability)
1.
Duty of Care and Diligence
2.
Duty to Prevent Insolvent Trading
E. Joint Liability/Solidarity
F. Derivative Actions
G. Class Actions
H. Bankruptcy and a Directors Liability Suit
I. Costs and Fees in Liability Litigation
VII.
Indemnification
VIII.
Directors and Officers Insurance
IX. Other Methods of Protection
X. Lawyer Directorship
182
182
182
183
183
183
184
184
184
184
185
185
185
186
186
186
187
187
187
188
188
189
189
189
190
190
Chapter
17
New Zealand
Jeremy Steel, Daniel Gill and Mark Williamson
I. National Basics and National Legal Theories of Directors Liabilities
A. One System Approach
B. Definition of Director
C. Separation of Chairman and CEO
D. Board Structures
E. Elections/Staggering
F. Delegation
G. Board Meetings
191
191
191
192
192
192
193
193
194
XXII
Table of
Contents
H.
Disclosure of Conflicts of
Interest
194
I. Removal of Directors
194
IL Socio-
Anthropological Issues
194
III. Corporate Governance
195
A. Changes to Regulatory Regime
195
1.
NZX Corporate Governance Best Practice Code
195
2.
Securities Commission: Corporate Governance Principles
195
B. Use of Board Committees
196
С
Other Oversight Structures
196
IV. Liability Issues
197
A. Who Can Sue?
197
1.
The Company
197
2.
Shareholders
197
3.
Creditors
197
4.
Regulatory Bodies
198
B. Who Can Be Sued?
198
C. Statutory Limitations on Directors Liability
198
D. Joint Liability
199
E. Derivative Actions
199
F. Class Actions
199
G. Relevance of Liquidation
199
H. Costs in Liability Litigation
200
V. Recent Cases Dealing with Directors Liability
200
A. Reckless Trading
200
B. Other Statutory Liability
201
VI. Judicial Review
201
VII.
Indemnification and Insurance
201
A. Indemnity
201
B. Insurance
202
VIII.
Conclusion
202
Part V. Europe
203
Chapter
18
The European Action Plan
Thorsten
M. Volz
205
I. Introduction
205
II. The Scope of the European Action Plan
206
III. The Proposed Time Schedule of the European Action Plan
208
IV. Provisions on Directors Liability Within the European Action Plan
208
V. The Implementation Within the European Community
209
VI. The Implementation Within Member States Legislation
210
Table of Contents
xxiii
A. Austria
B. Belgium
C. Czech Republic
D. Denmark
E. Finland
F. France
G. Germany
H. Ireland
I. Italy
J. Luxembourg
K. Netherlands
L. Poland
M. Portugal
N.
Spain
O. Sweden
P. Switzerland
Q. United Kingdom
210
210
211
211
211
211
212
212
212
213
213
213
213
214
214
214
214
Chapter
19
Austria
Christian Dorda
I. National Basics and National Legal Theories of Directors
Liabilities
A. Composition and Structure of Boards
B. Appointment, Election, Delegation and Removal of Directors
С
General Principles of Directors Liability
1.
Liability of Directors Towards the Company
2.
Liability of Directors Towards Third Parties
II. Recent Cases Dealing with Directors Liability
HI. Judicial Review
-
Tightening of Standards?
IV. Socio-Anthropological Issues
A. Changing Composition of Boards
B. Changing Decision-making Mechanism
С
Relationship Board/Management
V. Corporate Governance
VI. Liability Issues
A. Who Can Sue?
1.
The Company
2.
Shareholders
3.
Third Parties
B. Who Can Be Sued?
1.
Directors
2.
The Company
215
215
216
216
217
217
217
218
219
219
219
219
220
220
221
221
221
221
221
222
222
222
XXIV
C.
Thresholds and Limitations
D. Joint Liability/Solidarity
E. Derivative Actions
F. Class Actions
G. Relevance of Bankruptcy
H. Costs and Fees in Liability Litigations
VII.
Indemnification
VIII.
Directors and Officers Insurance
IX. Other Methods of Protection
X. Lawyer Directorship
XL The European Action Plan
Chapter
20
Belgium
Roei Nieuwdorp
and
Martine
De Roeck
I. Organisation and Functioning of the Board
A. Appointment of Directors
B. Powers of the Board
C. Representation of the Company
D. Functioning of the Board
E. The Chairman
F. Conflicts of Interest
G. Management Committee
II. Corporate Governance Impact
A. Duty of Care of the Director
B. The Enforceability of the Principle of the Code
III. Civil Liability
-
Preliminary Comments
IV. Civil Liability
A. Contractual Liability
1.
Fault
2.
Damage
3.
Causal Relation
4.
Who Can Bring Legal Proceedings?
5.
Individual Liability
B. Liability for Violations of the Articles of Association and the
Belgian Companies Code
1.
Fault
2.
Damage and Causal Link
3.
Who Can Bring Legal Proceedings?
4.
Joint and Several Liability
C. Directors Liability in Case of Insolvency
D. Tort Liability
Table
of
Contents
Table
of
Contents
xxv
222
1.
Who Can Bring Legal Proceedings?
234
222
a. Director
-
Company
234
222
b. Director
-
Third Parties
234
223
2.
Individual Liability
234
223
E. Article
18
of the Act of
3
July
1978
Concerning Employment
223
Agreements
234
223
V.
Exoneration, Safeguard and Insurance of Liability
235
223
A. Exoneration Clause
235
224
B. Hold Harmless
235
224
C. Insurance
235
224
VI.
End of the Liability
236
A. Discharge
236
1.
Validity of the Discharge
236
2.
Scope of the Discharge
236
225
B. Statute of Limitations on Director s Liability
236
C. Resignation
236
225
225
226
226
226
227
227
227
228
228
228
229
229
229
229
230
231
231
231
231
232
232
232
232
233
233
Chapter
21
Czech Republic
239
Dagmar
Dubecká
and Martin Sole
I. National Basics and National Legal Theories of Directors
Liabilities
239
A. Basic Powers of the Statutory Bodies
240
1.
Board of Directors
240
2.
Supervisory Board
241
B. Composition of Company Bodies, Membership and
Requirements for the Performance of Office
241
1.
Composition of Company Bodies
241
2.
Election and Removal, Membership Requirements
242
С
Decision-making by Statutory Bodies, Prohibition of Parallel
Functions, Ban on Competition, Restrictions on Parallel
Employment
242
1.
Decision-making by Company Bodies
242
2.
Parallel Performance of Functions, Ban on Competition
243
3.
Relations Between a Member of the Board of Directors
and the Company Under Labour Law
243
II. Liability Issues
244
A. Basic Obligations, Consequences of Breach, Burden of Proof
244
B. Persons Authorised to Claim Compensation for Damage and
Limitation Periods
245
С
Basic Criminal Law Aspects
245
D. Liability of Other Persons with Influence on the Acts
of the Company
246
XXVI
Table of
Contents
1. Brief
Introduction
to the Law on Corporate Groups
246
2.
Liability of Statutory Bodies to the Controlling Entity
246
3.
Liability of Other Persons with Influence on
Management of the Company
247
a. Protection for Members of Statutory Bodies
247
b. The National Climate
247
Chapter
22
Denmark
J0rgen
Boe
and David Moalem
I. National Basics and National Legal Theories of Directors
Liabilities
A. General
B. Election of Directors and Managers
C. The Division of Power
II. Liability Issues
A. Legal Prerequisites of Liability
B. Tasks and Duties
C. Directors in Listed Companies
III. Recent Cases Dealing with Directors Liabilities
A. Introduction
B. Liability for Violation of the Companies Acts
С
Liability for Predecessors or Successors Acts
D. Liability for Violating the Financial Statements Act
E. Duties in Pursuance of Special Legislation
F. Operation of a Company in Difficulties
IV. Developments in the Liability of Directors
V. Corporate Governance
VI. Limitation of Liability
A. Introduction
B. Agreed Exemption from Liability
C. Discharge From Liability
-
Adoption of Accounts
D. Reduction of Liability
VII.
Insurance
A. Normal Liability Insurance
B. Lawyers Liability Insurance
C. Effect of Insurance Cover
249
249
249
250
250
251
251
251
252
253
253
253
253
254
254
255
255
256
256
256
256
257
257
257
257
257
258
Table of Contents
xxvii
Chapter
23
Finland
259
Kari Lautjärvi
and
Riikka
Leinonen
I. National Basics and National Legal Theories of Directors
Liabilities
259
A. Company Organs
260
B. Board of Directors
261
1.
Number of Board Members and Their Election
261
2.
Duties of Board Members Under the Companies Act
261
3.
Term of Office and Its Premature Ending
262
4.
Corporate Governance Recommendation
263
II. Liability of Board Members
263
A. Liability Under the Companies Act
263
B. Damage, Negligence and Causality
265
С
Scope of Liability
265
D. Amount of Compensation and Legal Costs
266
HI. Division of Liability
266
A. Delegation
266
B. Adjustment and Allocation of Damages
267
IV. Limitation of Liability
267
Chapter
24
France
269
J
acque
Buhart
and Alain
de Foucaud
I. National Basics and National Legal Theories of Directors
Liabilities
269
A. Two-Tiered or Unitary Company Structure
269
B. Chairman/CEO (One or Two People/Checks and Balances)
270
1.
Unitary Structure
270
2.
Two-Tiered Structure
270
С
Board Structures
270
1.
Unitary Structure
270
2.
Two-Tiered Structure
270
D. Director s Elections/Staggering
271
1.
Unitary Structure
271
2.
Two-Tiered Structure
271
E. Director s Term of Appointment
271
1.
Unitary Structure
271
2.
Two-Tiered Structure
271
XXVIII
Table of
Contents
F. Delegation 271
G.
Removal of Directors
272
1.
Unitary Structure
272
2.
Two-Tiered Structure
272
II. Recent Cases Dealing with Directors Liabilities ( Anthropological
Approach to Directors Liability )
272
III. Judicial Review (Tightening of Standards?)
272
IV.
Socio-
Anthropological Issues
273
A. Is the Composition of the Board of Directors Changing in
France in Light of Recent Developments?
273
B. Are the Decision-making Mechanisms Changing in France
in Light of Recent Developments?
273
C. Board/Management Relationship
273
1.
Unitary Structure
273
2.
Two-Tiered Structure
273
V. Corporate Governance
274
A. Board Procedures
274
B. Structures of Oversight
274
VI. Liability Issues
275
A. Who Can Sue?
275
1.
Shareholders
275
2.
The Company Itself
275
3.
Third Parties
275
B. Who Can Be Sued?
275
1.
Directors
275
a. Director s Civil Liability
276
b. Director s Criminal Liability
276
2.
Supervisory Board Members
276
С
De Facto
Director
277
D. Thresholds and Limitations/Caps of Liabilities in France
(Statutory Limitations on Directors Liability)
277
E. Joint Liability/Solidarity
277
F. Derivative Actions
277
G. Class Actions
278
H. Relevance of Bankruptcy of Corporation with Regard to
Bringing a Directors Liability Suit
278
1.
Director s Liability
278
a. Director s Civil Liability
278
b. Director s Criminal Liability
279
с
Extension of Bankruptcy Proceedings to Director
279
2.
Liability of Supervisory Board Members
279
3.
Costs and Fees in Liability Litigations
279
VII.
Indemnification
280
VIII.
Directors and Officers Insurance
280
IX. Other Methods of Protection
280
Table of Contents
xxix
X. Lawyer Directorship
280
A. French Lawyers May Not Directly Run a Company Unless
They Are Appointed in Companies Owned by Their Own
Families
280
B. French Lawyers May Be Appointed as Director
280
XL The European Action Plan
281
Chapter
25
Germany
283
Alexander Loos
I. Basic Principals for Director s Liability
283
A. Single-Body Companies or Two-Tier System
283
B. Management Structure and Chairman
284
C. Delegation of Management Powers
284
D. Removal of Directors
284
II. Typical Liability Cases
285
A. Internal Liability Towards the Company
285
1.
Violation of Non-compete
285
2.
Poaching of Business from the Company
286
3.
Disbursements from Restricted Equity of the Company
286
4.
Violation of Arm s Length Principles
286
B. External Directors Liability
286
1.
Gross Negligence to Pay Taxes and Public Levies
287
2.
Illicit Non-payment of Social Security Contributions
287
3.
Late Filing for Insolvency
287
III. Liability Issues
288
A. Enforcement of Director s Liability
288
1.
Who Can Sue?
288
2.
Costs of Litigation, Class Actions
289
B. Joint Liability of Directors
290
С
Indemnification
290
IV. D&O Insurance
290
V. Lawyer Directorships
291
VI. The European Action Plan
291
Chapter
26
Ireland
Michael Greene and David Dobbyn
293
Introduction
I. Corporate Governance
293
294
xxx
Table
of Contents
П.
III.
IV.
v.
Α.
Combined Code
В.
Directors Compliance Statements
С.
Board Structures
D.
Composition of the Board
E.
Delegation
F.
The Roles of Chairman and CEO
G.
Appointment and Removal of Directors
Liability
Issues
for Directors
Α.
Who May Sue or Prosecute Directors?
1.
Public Authorities
2.
The Company
3.
Shareholders and Employees
4.
Creditors
5.
Third Parties
В.
Who Can Be Sued?
1.
Executive and Non-executive Directors
2.
Shadow Directors
С.
Thresholds and Limitations of Liability
D.
Relevance of Insolvency of the Company
E.
Recent Cases
1.
Responsibilities Under Environmental Law
2.
Non-executive Directors
Methods of Protection for Directors
A.
Indemnification
B.
Insurance
Lawyer Directorships
The
European Action Plan
294
295
296
297
297
298
299
300
300
300
300
301
301
301
302
302
302
302
303
304
304
305
305
305
306
307
307
Chapter
27
Italy
Guido
Brosio and
Gabriele Fagnano
I. Corporate Governance Structure and Directors Liability
A. Traditional, Single-Body and Two-Tier System; Structures
of Internal Control
Appointment and Removal of Directors
Board Structure and Main Executive Roles
Delegation and Information Flow Within the Board of
Directors
Directors Interests in Relation to Company Action
II.
B.
С
D.
E.
Directors Duties and Recent Cases Dealing with Directors Liability
A. Directors Duties
309
309
309
310
311
311
312
313
313
Table of Contents
xxxi
B. Judicial Approach to Directors Standard of Care and
Diligence and Limits to Judicial Review of Directors
Business Errors: Tightening of Standards
313
III. Liability Issues
315
A. Who Can Sue?
315
1.
Company Action Against Directors and Relevant
Indemnification
315
2.
Action of Company Creditors and Relevant
Indemnification
316
3.
Action of Third Parties and Individual Shareholders,
Relevant Indemnification
316
B. Who Can Be Sued?
317
C. Statute of Limitations and Other Limitations of Liability
317
1.
Statute of Limitations
317
2.
Other Limitations
317
D. Joint and Several Liability
318
E. Derivative Actions
318
F. Relevance of Bankruptcy with Regard to Bringing a
Directors Liability Suit
319
Chapter
28
Luxembourg
Guy Harles and
Daniele Nosbusch
321
I. National Basics and National Legal Theories of Directors
Liabilities
321
A. One-System Body
321
B. Chairman
322
С
Board Structures
322
D. Elections/Staggering
322
E. Delegation
322
F. Removal of Directors
324
II. Recent Cases Dealing with Directors Liabilities
324
III. Judicial Review (Tightening of Standards)
324
IV. Socio-Anthropological Issues
324
V. Corporate Governance
325
VI. Liability Issues
325
A. Who Can Sue?
325
1.
Liability for Management Errors (Article
59, § 1
of
the Law)
325
2.
Liability for Infringement of the Companies Law or
the Articles of Incorporation (Article
59, § 2
of the Law)
326
3.
Liability in Tort
326
XXXII
Table of
Contents
Table of
Contents
XXXIII
4.
Liability Under
Criminal
Law
326
В.
Who Can Be Sued?
327
1.
Liability for Management Errors (Article
59, § 1
of the
Law)
327
2.
Liability for Infringement of the Companies Law or the
Articles of Incorporation (Article
59, § 2
of the Law)
327
3.
Liability in Tort
328
4.
Liability Under Criminal Law
328
С
Thresholds and Limitations/Caps of Liabilities in Luxembourg
329
D. Joint Liability/Solidarity
329
1.
Liability for Management Errors (Article
59, § 1
of
the Law)
329
2.
Liability for Infringement of the Companies Law or the
Articles of Incorporation (Article
59, § 2
of the Law)
329
3.
Liability in Tort
329
4.
Liability Under Criminal Law
329
E. Derivative Actions
330
F. Class Actions
330
G. Relevance of Bankruptcy of the Corporation with Regard to
Bringing a Director s Liability Suit
330
H. Costs and Fees in Liability Litigations
331
VII.
Indemnification
331
VIII.
Directors and Officers Insurance
331
IX. Other Methods of Protection
332
X. Lawyer Directorship
332
XI. The European Action Plan
333
Chapter
29
The Netherlands
335
Willem Calkoen
and
Danielia
Strik
I. National Basics and National Legal Theories of Directors
Liabilities
335
A. Two-Tier System or One-Tier System Body
335
B. Chairman/CEO (One or Two People/Checks and Balances)
336
C. Board Structures
336
D. Elections/Staggering
336
E. Delegation
337
F. Removal of Directors
337
II. Recent Cases Dealing with Directors Liabilities ( Anthropological
Approach to Directors
Liability
) 338
III. Judicial Review (Tightening of Standards?)
338
IV.
Socio-
Anthropological Issues
A. Composition of the Board of Directors
B. Decision-making Mechanism
С
Relationship Board/Management
V. Corporate Governance
VI. Liability Issues
A. Who Can Sue?
1.
The Company
2.
The Shareholder
3.
Trustee in Bankruptcy
4.
Creditors and Third Parties
5.
The Government
B. Who Can Be Sued?
С
Thresholds and Limitations/Caps of Liabilities in the
Netherlands (Statutory Limitations on Directors Liability)
D. Joint Liability/Solidarity
E. Derivative Actions
F. Class Actions
G. Relevance of Bankruptcy of Corporation with Regard to
Bringing a Directors Liability Suit
H. Costs and Fees in Liability Litigations
VII.
Indemnification
VIII.
Directors and Officers Insurance
IX. Lawyer Directorship
X. The European Action Plan
A. Modernising the Board of Directors
B. Implementation
Chapter
30
Poland
Tomasz Żak
I. National Basics and General Information
A. Management and Supervisory Boards
-
Introduction
B. Chairman
С
Structure of the Corporate Bodies
D. Appointment, Recall and Suspension of Directors
П.
Recent Cases and Judicial Review Relating to Directors Liability
III. Corporate Governance
A. Management Board
B. Supervisory Board
IV. Liability Issues
A. Liability Towards the Company
339
339
339
339
339
340
340
340
340
340
341
341
341
341
341
342
342
343
343
343
344
345
345
345
345
347
347
347
348
348
348
349
349
349
350
351
351
XXXIV
Table of
Contents
B.
Liability Towards Third
Parties 352
C.
Costs
354
D.
Criminal Liability
354
V. Indemnification
354
A. Liability Towards Third Parties
354
B. Liability Towards the Company
355
VI. Directors and Officers Insurance
355
VII.
Lawyer Directorship
355
VIII.
Implementation of the European Action Plan and Recent
Developments
356
Chapte^l
Portugal
357
Miguel
de Avillez
Pereira
and Bruno
Sampaio
Santos
I. National basics and National Legal Theories of Directors
Liabilities
357
A. Two-Tier System or, One-System Body
357
B. Chairman/CEO (One or Two People/Checks and Balances)
358
C. Board Structures
358
D. Elections/Staggering
358
E. Delegation
359
F. Removal of Directors
359
II. Recent Cases Dealing with Directors Liabilities
(
Anthropological
Approach to Directors Liability )
360
III. Judicial Review (Tightening of Standards?)
360
IV. Socio-Anthropological Issues
361
A. Is the Composition of the Board of Directors Changing in
Portugal in Light of Recent Developments?
361
B. Are the Decision-making Mechanisms Changing in Portugal
in Light of Recent Developments?
361
C. Relationship Board/Management
361
V. Corporate Governance
362
VI. Liability Issues
362
A. Who Can Sue?
362
1.
Liability Towards the Company
362
2.
Liability Towards Shareholders (and Other Third Parties)
363
3.
Liability Towards Creditors of the Company
363
4.
Liability Before Tax Authorities and Social Security
363
B. Who Can Be Sued?
363
С
Thresholds and Limitations/Caps of Liabilities in Portugal
(Statutory Limitations on Directors Liability)
364
D. Joint Liability/Solidarity
364
E. Derivative Actions
364
Table of Contents
xxxv
F. Class Actions
G. Relevance of Bankruptcy of Corporation with Regard to
Bringing a Directors Liability Suit
H. Costs and Fees in Liability Litigations
VII.
Indemnification
VIII.
Directors and Officers Insurance
IX. Other Methods of Protection
X. Lawyer Directorship
XI. The European Action Plan
Chapter
32
Spain
Enric Picanyol and Cow Fernandez-
Ranada
I. National Basics and National Legal Theories on Directors
Liabilities
A. Two-Tier vs. One-System Body
B. Chairman/CEO
С
Board Structure
D. Elections/Staggering
E. Delegation
F. Removal of Directors
II. Recent Cases Dealing with Directors Liabilities
A. General Rules
B. Infracapitalization
III. Judicial Review
IV. Socio-Anthropological Issues
V. Corporate Governance
VI. Liability Issues
A. Who Can Sue?
1.
Corporate Action
2.
Individual Action
B. Who Can Be Sued?
1.
Directors
2.
Corporate Entities as Directors
3.
De
Facto Directors
4.
Liquidators
5.
Persons Holding Powers of Attorney
C. Thresholds and Limitations
1.
There Are No Thresholds Applicable
2.
Negligence
D. Joint Liability/Solidarity
E. Derivative Actions
F. Class Actions
365
365
365
365
365
366
366
366
369
369
369
370
370
370
371
371
371
371
372
372
372
373
374
374
374
374
375
375
375
375
376
376
376
376
376
377
377
377
XXXVI
Table of
Contents
G.
Relevance of Bankruptcy of Corporation with Regard to
Bringing a Directors Liability Suit
377
VII.
Indemnification
378
VIII.
Directors and Officers Insurance
378
IX. Other Methods of Protection
379
X. Lawyer Directorship
379
XI. The European Action Plan
379
Chapter
33
Sweden
381
Per
Berglöf
and
Sverker Bonde
I. Swedish Limited Liability Companies
381
A. Business Form and the Legal Framework
381
B. Basic Organisation and Corporate Bodies of a Swedish
Aktiebolag
382
C.
Responsibilities of the Different Organs and Delegation
382
D. Election and Removal of Directors
383
II. Recent Case Law and Trends with Regard to Directors Liability
384
III. Judicial Review of Directors in Sweden
384
IV. Corporate Governance
-
Socio-Anthropological Issues
385
A. Composition of the Board
385
B. Decision-making Mechanics
-
Board Committees
385
V. Liability Issues
385
A. Statutory, Civil or Contractual Legal Framework
385
B. Duties of Directors Towards the Company
386
C. Duties of Directors Towards Majority and Minority
Shareholders
386
D. Duties of Directors in Case of Bankruptcy
387
E. Directors Criminal Liability
387
VI. Thresholds and Limitations to Liability
387
VII.
Who Can Sue?
388
A. The Company
388
B. Shareholders
-
Derivative Actions
388
C. Creditors and Other Third Parties
388
D. Insolvency Administrators/Trustees in Bankruptcy
389
E. Class Actions
389
F. Costs and Fees in Liability Litigations
389
VIII.
Indemnification by the Company and Insurance
389
IX. Other Methods of Protection
390
X. Lawyer Directorship
390
XL The European Action Plan
390
Table of Contents
XXXVII
Chapter
34
Switzerland
Matthew T.
Reiter
and Felix R.
Ehr
at
I. Directors Liability in Switzerland: The Basic Legal Regime
A. Introduction
B. Flexible One-Tier System
С
Board Structures, Chairman and CEO
D. Election and Removal of Directors, Nationality and Domicile
Requirements
E. Delegation
II. Recent Cases Dealing with Directors Liability
III. Standards of Judicial Review
IV. Corporate Governance
V. Liability Issues
A. Grounds for Liability and Prerequisites in General
B. Who Can Sue?
С
Derivative Actions in Particular
D. Who Can Be Sued?
E. No Thresholds and Limitations on Directors Liability
F. Joint and Several Liability
G. No Class Actions
H. Costs and Fees in Liability Litigations
VI. Indemnification
VII.
Director s and Officer s Insurance
VIII.
Other Methods of Protection for Directors on the Board of
a Swiss Corporation
391
391
391
392
392
392
393
394
395
395
396
396
397
397
398
399
399
399
400
400
401
401
Chapter
35
United Kingdom
Karla Dudek
Introduction
I. National Basics
A. Two-Tier System
B. Chairman/CEO
C. Board Structures
D. Elections/Staggering
E. Delegation
F. Removal of Directors
II. Recent Cases Dealing with Directors Liabilities
III. Judicial Review
403
403
404
404
404
405
405
406
406
406
407
xxxviii
Table
of
Contents
IV.
Socio-Anthropological
Issues
408
Α.
Board
Composition
408
В.
Relationship of Board and Management
409
V. Corporate Governance
409
A. Board Procedures
409
B. Structure of Oversight
410
VI. Liability Issues
410
A. Who Can Sue a Director?
410
B. Who Can Be Sued?
411
C. Thresholds and Limitations/Caps of Liabilities
(Statutory Limitations on Liability)
411
D. Joint Liability/Solidarity
412
E. Derivative Actions
412
F. Class Actions
413
VII.
Indemnification
413
VIII.
Directors and Officers Insurance
413
IX. Other Methods of Protection
413
X. Lawyer Directorship
414
XL The European Action Plan
414
A. Modernising the Board of Directors
414
B. Implementation
414
Subject Index
415
|
| adam_txt |
Table
of
Contents
About the Editor and the Authors
xxxix
Preface
lv
Index of Countries
lvii
Index of Abbreviations (Country
-
Abbreviation) lix
Index of Abbreviations (Abbreviation
-
Country)
lxi
Part I. Africa
1
Chapter
1
South Africa
3
David
Gewer, Eric
Levenstein and David Walker
I. 'National Basics' and National Legal Theories of Directors'
Liabilities
3
II. Recent Cases Dealing with Directors' Liability ('Anthropological
Approach to Director's Liability')
5
III. 'Socio-Anthropological Issues'
7
Vlil
Table of Contents
IV. Corporate Governance
V. Liability Issues
VI. Indemnification, Directors' and Officers' Insurance, Other
Methods of Protection
VII.
Lawyer Directorship
VIII.
The 'European Action Plan'
9
10
10
Part II. America
11
1.
2.
3.
4.
5.
Chapter
2
Argentina
Javier M. Petrantonio and
Leandro
Javier
Caputo
I. 'National Basics' and National Legal Theories of Directors'
Liabilities
A. Corporation's Legal System in Argentina: One System Body
B. Board's Authority and Structure
Rules of the Board
Meeting of the Board
Duties of the Board
Composition of the Board
Director's Compensation
C. Directors' Appointment and Conditions
1.
Election of Directors
2.
Individuals Precluded to Be Appointed as Directors
D. Delegation
1.
The Executive Committee
2.
Managers
E. Removal of Directors
II. Recent Cases Dealing with Directors' Liabilities
A. Nature of Directors' Liability
B. Directors' Liability and Economic Situation
C. Cases Related to the Administration of the Company
D. Delegation and Activities in Competition with the Company
III. Judicial Review (Tightening of Standards?)
A. Directors' Liability Stems from the Sole Fact of Being a
Board Member
B. Standard of Diligence
С
Damages to the Company and Liability: General Conditions
D. Judicial Procedure
IV.
'Socio-
Anthropological Issues'
A. Board's Composition and the Decision-making Process
B. Relationship Board/Management
13
13
13
14
14
14
14
15
15
16
16
17
17
18
18
18
18
18
19
19
19
20
20
20
21
21
22
22
22
Table of Contents
ix
V. Corporate Governance
23
A. Introduction
23
B. Board Procedures
23
VI. Liability Issues
23
A. The Responsibility Actions Ruled by the Companies Act
23
1.
Corporate Responsibility Action
('Acción de
Responsabilidad
Social
' ) 23
2.
Corporate Responsibility Action Filed by any Shareholder
24
3.
Individual Responsibility Action
24
B. Limits (Caps) and Statutory Limitations
24
C. Directors' Joint Liability
25
D. Relevance of Bankruptcy with Regard to Bringing a
Director's Liability Action
25
E. Costs and Fees in Liability Litigation
26
VII.
Indemnification
26
VIII.
Directors' and Officers' Insurance
26
IX. Lawyer Directorship
27
Chapter
3
Bermuda
29
Peter Bubenzer and John Riihiluoma
I. 'National Basics' and National Legal Theories of Directors'
Liabilities
29
A. Board Structures
30
B. Election
30
С
Delegation
31
D. Removal of Directors
31
II. Recent Cases Dealing with Directors' Liabilities
32
III. Traditional Approach
32
IV. Socio-Anthropological Issues
32
A. Changes to Composition of the Board
32
1.
Are the Decision-making Mechanisms Changing?
32
2.
Relationship Board/Management
32
V. Corporate Governance
33
A. Board Procedures
33
VI. Liability Issues
35
A. Who Can Sue?
35
B. Who Could Be Sued?
35
C. Derivative Actions
36
1.
Class Actions
36
2.
Relevance of Bankruptcy of Corporation with Regard
to Bringing a Directors' Liability Suit
37
3.
Costs and Fees in Liability Litigation
37
Table
of
Contents
VII.
Indemnification
VIII.
Directors' and Officers' Insurance
IX. Other Methods of Protection
X. Lawyer Directorships
XI. European Action Plan
37
37
37
38
38
Chapter
4
Brazil
39
Walter Douglas Stuber
I. 'National Basics' and National Legal Theories of Directors'
Liabilities
39
A. Overview
39
B.
Limitada
39
C.
Sociedade Por Ações
('S.A.') 41
II. Recent Cases Dealing with Directors' Liabilities ('Anthropological
Approach to Directors' Liability')
43
III. Judicial Review (Tightening of Standards)
43
IV. 'Socio-Anthropological Issues'
44
V. Corporate Governance
44
VI. Liability Issues
46
A. Who Can Sue?
46
B. Who Can Be Sued?
47
C. Thresholds and Limitations/Caps of Liabilities in the
Respective Jurisdiction (if any) (Statutory Limitations on
Directors' Liability)
47
D. Joint Liability/Solidarity
47
E. Derivative Actions
48
F. Class Actions
48
G. Relevance of Bankruptcy of Corporation with Regard to
Bringing a Directors' Liability Suit
48
H. Costs and Fees in Liability Litigations
49
VII.
Indemnification
49
VIII.
Directors' and Officers' Insurance
49
IX. Other Methods of Protection
50
X. Lawyer Directorship
50
Chapter
5
Canada
Markus Koehnen
I. National Basics and National Theories of Directors' Liabilities
51
51
Table of Contents
xi
A. Two-Tier or Unitary Company Structure
51
B. Chairman/CEO
52
С
Board Structures
52
D. Elections/Staggering
52
E. Delegation
52
F. Removal of Directors
53
II. Recent Cases Dealing with Directors'Liabilities ('Anthropological
Approach to Directors' Liability')
54
III. Judicial Review (Tightening of Standards)
54
A. The Shift from Result to Process
54
B. The Shift from a Subjective to an Objective Standard of Care
55
IV. Socio-Anthropological Issues
55
A. Is the Composition of Boards Changing in Light of Recent
Developments?
55
B. Are Decision-making Mechanisms Changing in Light of
Recent Developments?
55
С
Relationship Between Board and Management
56
V. Corporate Governance
57
A. Board Procedures
57
B. Structures of Oversight
57
VI. Liability Issues
57
A. Who Can Sue?
57
B. Who Can Be Sued?
58
С
Thresholds and Limitations/Caps of Liabilities
58
D. Joint Liability
58
E. Derivative Actions
59
F. Class Actions
59
G. Relevance of Bankruptcy
59
H. Costs and Fees in Liability Litigation
59
VII.
Indemnification
59
VIII.
Directors' and Officers' Insurance
60
IX. Other Methods of Protection
60
X. Lawyer Directorship
61
Chapter
6
Cayman Islands
Antony G.D. Duckworth, Alan G.
de Saram
and Wendy Stenning
I. Introduction
II. Board Structure
A. Appointment of Directors
B.
Delegation
C. Removal of Directors
63
63
64
64
65
65
Xli
Table
of
Contents
III. Duties of Directors
65
A. General Duties of Directors
65
B. Duty of Honesty and Good Faith
66
С
Duties of Care and Skill
67
IV. Liability Issues
68
A. What Can Be Recovered?
68
B. Costs
69
V. Indemnification of Directors
69
VI. Directors' Reliance on Outside Professionals and Professionally
Qualified Directors
69
Chapter?
Chile
Jaime Carey and
Cristian
Eyzaguirre
I. 'National Basics' and National Legal Theories of Directors'
Liabilities
A. The Board of Directors
B. Composition of the Board
C. Powers of the Board and How They Are Used
D. Audit Committee
E. Executive Officers
II. Duties of Directors
A. Duty of Care
B. Duty of Loyalty
C. Duty of Disclosure
III. Liability of Directors
IV. Directors' Insurance
V. Actions to Pursue Redress of the Company
VI. Conclusion
71
71
72
72
73
74
74
75
75
76
78
78
79
80
80
Chapter
8
Mexico
83
Daniel Del Rio and Juan
José López-de-Silanes
I. Introduction
83
A. Investment Promotion Companies
{Sociedades Anónimas
Promotoras de Inversión)
83
B.
Stock Exchange Investment Promotion Companies
(Sociedades Anónimas Promotoras de Inversión Bursátil)
84
C.
Stock
Exchange Companies
{Sociedades Anónimas Bursátiles)
84
Table of Contents
хні
II. 'National Basics' and National Legal Theories of Directors'
Liabilities
85
A. Two-Tier System or One-Tier System
85
B. Chairman/CEO (One or Two People/Checks and Balances)
86
С
Board Structures
86
D. Elections/Staggering
86
E. Delegation
86
F. Removal of Directors
87
III. Judicial Review (Tightening of Standards?)
88
IV. 'Socio-Anthropological Issues'
88
A. Is the Composition of the Board of Directors Changing in
Mexico in Light of Recent Developments?
88
B. Are the Decision-making Mechanisms Changing in Mexico
in Light of Recent Developments?
88
C. Relationship Board/Management
88
V. Corporate Governance
89
A. Board Procedures
89
B. Structures of Oversight (Mechanics etc.)
89
VI. Liability Issues
90
A. Who Can Sue?
90
B. Who Can Be Sued?
90
C. Thresholds and Limitations/Caps of Liabilities in Mexico
(Statutory Limitations on Directors' Liability)
91
D. Joint Liability/Solidarity
91
E. Derivative Actions
92
F. Class Actions
92
G. Relevance of Bankruptcy of Corporation with Regard to
Bringing a Directors' Liability Suit
92
H. Costs and Fees in Liability Litigation
92
VII.
Indemnification
93
VIII.
Directors' and Officers' Insurance
93
IX. Other Methods of Protection
93
X. Lawyer Directorship
94
XI. The 'European Action Plan'
94
Chapter
9
United States of America
Robert Ripin and Christopher Winckler
I. National Framework for US Corporate Boards
A. Regulatory Structure
B. Board Composition
1.
Board and Corporate Structure
2.
Number of Directors
95
95
95
95
95
96
XIV
Table of
Contents
3.
Age and Nationality Restrictions
4.
Independence
C. Multiple Roles
D. Board Procedures
E. Board Elections
1.
Classified Boards
2.
Cumulative Voting
3.
Staggered Board
4.
Weighted Voting
F. Delegation
G. Removal of Directors
II. Standards Applicable to Directors
A. General Duties
B. State Statue and Common Law Duties
1.
Duty of Care
2.
Duty of Loyalty
3.
Business Judgment Rule
III. Recent Cases Dealing with Directors' Liabilities
A. WorldCom/Enron/Emerging Communications
B. Disney/Van
Gorkom
C.
Are Decision-making Mechanisms Changing?
IV Corporate Governance
A. Regulation
B. Sarbanes-Oxley Act
C. Board Composition/Independence
1.
Independence of Majority of Board Members
2.
Application to Foreign Private Issuers
3.
Corporate Governance Guidelines/Code of Ethics
D. State Law Requirements (Delaware)
V. Liability Issues
A. Who Can Sue?
1.
Shareholder Derivative Lawsuit
2.
Creditors' Rights
3.
Regulator Actions
B. Grounds for Liability?
1.
Criminal and Civil Liability
2.
Securities Law
3.
Anti-trust
4.
Theft and Fraud
5.
Other
C. Thresholds and Limitations/Caps of Liabilities
D. Shareholder Liability
VI. Indemnification
VII.
Insurance
96
96
96
97
97
97
97
97
97
98
98
98
98
98
99
99
99
99
99
100
100
101
101
102
102
102
102
103
103
103
103
103
104
104
104
104
104
105
105
105
105
105
106
106
Table of Contents
Part III. Asia
XV
107
Chapter
10
Hong Kong
Allan Leung and Danny Leung
109
II.
III.
Introduction
109
A.
One-System Body
109
B.
Board Structure and Duality of Chairman and CEO
110
1.
Board Structure
110
2.
Duality of Chairman and CEO
110
С
Delegation
111
D.
Elections
111
E.
Removal of Directors
111
Liability Issues
111
A.
Directors' Duties
111
1.
Fiduciary Duties
112
a. Duty to Act in Good Faith in the Best Interests of
the Company as a Whole
112
b. No Fetters on Discretion
112
с
Duty Not to Compete
112
d. Duty to Avoid a Conflict of Interest and Not to
Make a Secret Profit
112
e. Confidentiality
113
2.
General Duties
113
a. Skill Care and Diligence
113
b. Duty Not to Exceed Powers
114
с
Duty to Creditors
114
B.
Who Can Sue?
114
1.
Duties Owed to Individual Shareholder
114
2.
Duties Owed to Creditors
115
С
Who Can be Sued?
115
D.
Derivative Actions
115
1.
Common Law Derivative Action
115
2.
Statutory Derivative Action
116
E.
Unfair Prejudice
116
F.
Representative Actions
117
G.
Insolvency Context
117
1.
Misfeasance
117
2.
Fraudulent Trading
117
3.
Disqualification Order
118
H.
Costs and Fees in Liability Litigations
118
Tnrl
pmnifirfltinn
118
XVI
IV.
V.
Table
of Contents
Protection Against Wrongs of Directors
A. Ratification
B. Directors' and Officers' Liability Insurance
Corporate Governance
A. Existing Corporate Governance
B. Corporate Governance Reform
-
Difficulties in Hong Kong
1.
Family-Controlled Companies
2.
Quality of INEDs
C. Going Forward
118
119
119
119
119
120
120
120
120
Chapter
11
India
Som Mandal
П.
III.
IV.
с.
D.
E.
Introduction
A. Appointment of Directors
B. Shareholder Rights
Governments' Right to Appoint Directors
Removal of Directors
Power of Directors May Be Amended
Recent Cases and Anthropological Approach to Directors' Liabilities
A. Financial Scams
B. Judiciary
Government's Approach Towards Ensuring Greater Corporate
Accountability
Liability Issues
A. Officer in Default
Contractual Liabilities
Tortious Liability
Apprehension of Prosecution
Compounding of Offences, a Way Out?
Managing Director/Whole Time Director/Nominee
Director/Professional Director
Object and Scope of Section
633
Directors' Liability Insurance
B.
С
D.
E.
F.
G.
H.
121
121
121
122
122
122
123
123
124
124
125
128
128
129
129
130
130
130
131
131
Chapter
12
Israel
Rachel
Levitán
I. National Basis
-
The Companies Law
- 1999
133
133
Table of Contents
xvii
A. History of the Current Company Law
133
B. The Board's Role as a Gatekeeper
133
II. The Structure of the Controlling Powers of a Company
134
A. The General Assembly of Shareholders
134
B
.
The Board of Directors
134
C. Ancillary Articles Relating to the Board's Activities
135
1.
Special Board of Directors (Clause
93
of the Law)
135
2.
Special Committees Formed by the Board
(Clauses
110-113) 135
3.
Internal Control Committee (Clause
114) 135
4.
Clause
112
of the Law Details the Various Powers
Which Cannot Be Transferred to Committees
135
5.
Election of Chairman of the Board (Clause
94-95) 135
6.
Outside Director
-
Preserving the Independence of the
Board
135
7.
According to Clause
235
of the Law, a Corporation May
Act as a Director
136
8.
Substitute Director (Clause
237) 136
D. Dismissal of a Director
136
1.
The Power to Dismiss a Director
136
2.
The Duty to Dismiss a Director
136
3.
An Outside Director Can Only Be Dismissed as Follows
136
E. The Chief Executive Officer
137
III. Main Aspects of the Law Relevant to D&O Liability
137
A. Legal Basis of Directors'and Officers'Liability
137
1.
Duty of Care
137
2.
Duty of Trust
137
3.
Directors with Special Expertise
138
B. Exemption, Indemnification and Insurance
138
C. Exemption from Liability
139
D. Indemnification for Criminal Investigations or Prosecution
139
E. D&O Liability Insurance
140
IV. Liability Issues
140
A. Who Can Sue?
140
B. Liability According to the Securities Act
- 1968 140
С
Procedure for Claiming
141
1.
Claim Filed by an Individual
141
2.
Derivative Action
141
3.
Class Action
141
D. What Cannot Be Sued by Way of Shareholders Claim?
142
E. Imposing Personal Liability on D&O While Acting as
Organs of the Company
142
F. Imposing Contractual Personal Liability on the D&O
143
G. Imposing Liability on Directors During Liquidation
143
XVIII
Table of
Contents
Chapter
13
Japan
145
Makoto Toyoshima
I.
Introduction
145
II.
Basic Structures (To Have a Board or Not, etc.)
146
A. Overview
146
B. KK Without a Board
146
С
KK with a Board
147
D. KK with Committees
147
III.
CEO, President, etc.
147
IV.
Structures of Board and Committees
148
V.
Elections
148
VI.
Delegation
148
VII.
Removal of Directors
149
VIII.
Other Recent Changes
149
A. Outside Director
149
B. Decision-making Mechanism
149
IX.
Judicial Review
150
A. Relationship Between KK and Directors/Executive Officers
150
B. Business Judgment Rule
150
X.
Corporate Governance
151
A. Convocation of the Board
151
B. Resolutions
151
C. Structure of Oversight
151
XI.
Liability Issues
152
A. Who Can Sue?
152
1.
Company
152
2.
Shareholder
152
3.
Third Party
152
B. Who Can Be Sued?
152
C. Thresholds and Limitation of Liabilities
153
1.
Negligence Requirement
153
2.
Exemption from Liabilities
153
3.
Partial Exemption of Liabilities
153
4.
Prior Agreement to Limit Liabilities
154
D. Relevance of Bankruptcy of a KK with Regard to Bringing
a Director's Liability Suit
154
E. Cost and Fees in Liability Litigations
154
F. Insurance
155
G. Other Methods of Protection
155
H. Lawyer Directorship
155
XII.
Conclusion
155
Table of Contents
xix
Chapter
14
Singapore
Andrew M.
Lim
157
I. 'National Basics' and National Legal Theories of Directors'
Liabilities
157
A. Directors'Liabilities in General
157
B. Board Structures
159
1.
Code of Corporate Governance
159
2.
Chairman and CEO
159
3.
Board Composition and Guidance
159
С
Elections and Appointment
160
D. Delegation
160
E. Removal of Directors
160
II. Recent Case Law Dealing with Directors'Liabilities
161
A. Lim Weng
Kee v. Public Prosecutor (High Court, Singapore)
[2002] 4
SLR
327 161
B. Vita Health Laboratories Pte Ltd
&
Ors
v.
Pang Seng
Meng
(High Court, Singapore)
[2004] 4
SLR
162 161
III. Recent Developments
162
A. The
2005
Code
162
B. Financial Services Industry
162
C. Legislative Proposals
162
IV. Corporate Governance
163
A. Independent Directors
163
B. Oversight Committees
163
V. Liability Issues
164
A. Who Can Sue?
164
B. Who Can Be Sued?
164
C. Thresholds and Limitations on Directors'Liabilities
164
D. False Reports
164
E. Joint Liability/Solidarity
165
F. Derivative Actions
165
G
Oppression Actions
165
H. Release of Directors'Duties
166
VI. Indemnification and Insurance
166
Chapter
15
Turkey
Serdar
Paksoy
I. Introduction
II. Who Can Be Elected as Director?
167
167
168
XX
Table
of Contents
A. Becoming a Director
1.
Qualifications of Directors
2.
Proposed Amendments
III. Composition of the Board
IV. Fiduciary Duties of Directors
V. Liabilities of Directors
A. Situations in Which Directors are Held Liable
B. Negligence Principle
C. Who Can Sue the Directors?
1.
Company
2.
Shareholders
3.
Third Party Claims
D. Liability of Directors Under CML
E. Liabilities of Directors Arising out of Extraordinary
Transactions
1.
Capital Increases
2.
Issuing Bonds
3.
Liability in Case of Bankruptcy
F. Liability of Directors Under the Tax Laws
G. Liability of Directors Under Social Security Law
H. Liability of Directors Under Banking Law
I. Liability of Directors Under Criminal Law
VI. Defences of Directors
VII.
Ceasing to Be a Director
168
168
168
169
169
170
170
171
171
171
171
172
172
173
173
173
173
173
174
174
174
174
175
Part IV. Australia and New Zealand
177
Chapter
16
Australia
179
Fred Chilton and Michael Scarf
Introduction
179
I. 'National Basics' and National Legal Theories of Directors'
Liabilities
179
A. Two-Tiered or Unitary Company Structure
179
B
.
Chairman/CEO (One or Two People/Checks and
В
alances) 1
80
C.
Board Structures
180
D.
Elections/Staggering
180
E.
Delegation
180
F.
Removal of Directors
181
II. Recent Cases Dealing with Directors' Liability ('Anthropological
Approach to Directors 'Liability
') 181
III. Judicial Review (Tightening of Standards?)
182
Table of Contents
xxi
IV.
'Socio-
Anthropological Issues'
A. Is Board Composition Changing in Australia in Light of
Recent Developments?
B
.
Are the Decision-making Mechanisms Changing in Australia
in Light of Recent Developments?
С
Relationship Board/Management
V. Corporate Governance
A. Board Procedures
B. Structures of Oversight (Mechanics etc.)
VI. Liability Issues
A. Who Can Sue?
1.
The Company and Individual Shareholders
2.
ASIC
3.
Creditors
B. Who Can Be Sued?
С
On What Basis Can a Director Be Sued?
D. Thresholds and Limitations/Caps of Liabilities in Australia
(Statutory Limitations on Directors' Liability)
1.
Duty of Care and Diligence
2.
Duty to Prevent Insolvent Trading
E. Joint Liability/Solidarity
F. Derivative Actions
G. Class Actions
H. Bankruptcy and a Directors' Liability Suit
I. Costs and Fees in Liability Litigation
VII.
Indemnification
VIII.
Directors' and Officers' Insurance
IX. Other Methods of Protection
X. Lawyer Directorship
182
182
182
183
183
183
184
184
184
184
185
185
185
186
186
186
187
187
187
188
188
189
189
189
190
190
Chapter
17
New Zealand
Jeremy Steel, Daniel Gill and Mark Williamson
I. National Basics and National Legal Theories of Directors' Liabilities
A. 'One System' Approach
B. Definition of 'Director'
C. Separation of Chairman and CEO
D. Board Structures
E. Elections/Staggering
F. Delegation
G. Board Meetings
191
191
191
192
192
192
193
193
194
XXII
Table of
Contents
H.
Disclosure of Conflicts of
Interest
194
I. Removal of Directors
194
IL Socio-
Anthropological Issues
194
III. Corporate Governance
195
A. Changes to Regulatory Regime
195
1.
NZX Corporate Governance Best Practice Code
195
2.
Securities Commission: Corporate Governance Principles
195
B. Use of Board Committees
196
С
Other Oversight Structures
196
IV. Liability Issues
197
A. Who Can Sue?
197
1.
The Company
197
2.
Shareholders
197
3.
Creditors
197
4.
Regulatory Bodies
198
B. Who Can Be Sued?
198
C. Statutory Limitations on Directors'Liability
198
D. Joint Liability
199
E. Derivative Actions
199
F. Class Actions
199
G. Relevance of Liquidation
199
H. Costs in Liability Litigation
200
V. Recent Cases Dealing with Directors' Liability
200
A. Reckless Trading
200
B. Other Statutory Liability
201
VI. Judicial Review
201
VII.
Indemnification and Insurance
201
A. Indemnity
201
B. Insurance
202
VIII.
Conclusion
202
Part V. Europe
203
Chapter
18
The European Action Plan
Thorsten
M. Volz
205
I. Introduction
205
II. The Scope of the European Action Plan
206
III. The Proposed Time Schedule of the European Action Plan
208
IV. Provisions on Directors' Liability Within the European Action Plan
208
V. The Implementation Within the European Community
209
VI. The Implementation Within Member States' Legislation
210
Table of Contents
xxiii
A. Austria
B. Belgium
C. Czech Republic
D. Denmark
E. Finland
F. France
G. Germany
H. Ireland
I. Italy
J. Luxembourg
K. Netherlands
L. Poland
M. Portugal
N.
Spain
O. Sweden
P. Switzerland
Q. United Kingdom
210
210
211
211
211
211
212
212
212
213
213
213
213
214
214
214
214
Chapter
19
Austria
Christian Dorda
I. 'National Basics' and National Legal Theories of Directors'
Liabilities
A. Composition and Structure of Boards
B. Appointment, Election, Delegation and Removal of Directors
С
General Principles of Directors' Liability
1.
Liability of Directors Towards the Company
2.
Liability of Directors Towards Third Parties
II. Recent Cases Dealing with Directors' Liability
HI. Judicial Review
-
Tightening of Standards?
IV. 'Socio-Anthropological Issues'
A. Changing Composition of Boards
B. Changing Decision-making Mechanism
С
Relationship Board/Management
V. Corporate Governance
VI. Liability Issues
A. Who Can Sue?
1.
The Company
2.
Shareholders
3.
Third Parties
B. Who Can Be Sued?
1.
Directors
2.
The Company
215
215
216
216
217
217
217
218
219
219
219
219
220
220
221
221
221
221
221
222
222
222
XXIV
C.
Thresholds and Limitations
D. Joint Liability/Solidarity
E. Derivative Actions
F. Class Actions
G. Relevance of Bankruptcy
H. Costs and Fees in Liability Litigations
VII.
Indemnification
VIII.
Directors' and Officers' Insurance
IX. Other Methods of Protection
X. Lawyer Directorship
XL The 'European Action Plan'
Chapter
20
Belgium
Roei Nieuwdorp
and
Martine
De Roeck
I. Organisation and Functioning of the Board
A. Appointment of Directors
B. Powers of the Board
C. Representation of the Company
D. Functioning of the Board
E. The Chairman
F. Conflicts of Interest
G. Management Committee
II. Corporate Governance Impact
A. Duty of Care of the Director
B. The Enforceability of the Principle of the Code
III. Civil Liability
-
Preliminary Comments
IV. Civil Liability
A. Contractual Liability
1.
Fault
2.
Damage
3.
Causal Relation
4.
Who Can Bring Legal Proceedings?
5.
Individual Liability
B. Liability for Violations of the Articles of Association and the
Belgian Companies Code
1.
Fault
2.
Damage and Causal Link
3.
Who Can Bring Legal Proceedings?
4.
Joint and Several Liability
C. Directors' Liability in Case of Insolvency
D. Tort Liability
Table
of
Contents
Table
of
Contents
xxv
222
1.
Who Can Bring Legal Proceedings?
234
222
a. Director
-
Company
234
222
b. Director
-
Third Parties
234
223
2.
Individual Liability
234
223
E. Article
18
of the Act of
3
July
1978
Concerning Employment
223
Agreements
234
223
V.
Exoneration, Safeguard and Insurance of Liability
235
223
A. Exoneration Clause
235
224
B. Hold Harmless
235
224
C. Insurance
235
224
VI.
End of the Liability
236
A. Discharge
236
1.
Validity of the Discharge
236
2.
Scope of the Discharge
236
225
B. Statute of Limitations on Director's Liability
236
C. Resignation
236
225
225
226
226
226
227
227
227
228
228
228
229
229
229
229
230
231
231
231
231
232
232
232
232
233
233
Chapter
21
Czech Republic
239
Dagmar
Dubecká
and Martin Sole
I. 'National Basics' and National Legal Theories of Directors'
Liabilities
239
A. Basic Powers of the Statutory Bodies
240
1.
Board of Directors
240
2.
Supervisory Board
241
B. Composition of Company Bodies, Membership and
Requirements for the Performance of Office
241
1.
Composition of Company Bodies
241
2.
Election and Removal, Membership Requirements
242
С
Decision-making by Statutory Bodies, Prohibition of Parallel
Functions, Ban on Competition, Restrictions on Parallel
Employment
242
1.
Decision-making by Company Bodies
242
2.
Parallel Performance of Functions, Ban on Competition
243
3.
Relations Between a Member of the Board of Directors
and the Company Under Labour Law
243
II. Liability Issues
244
A. Basic Obligations, Consequences of Breach, Burden of Proof
244
B. Persons Authorised to Claim Compensation for Damage and
Limitation Periods
245
С
Basic Criminal Law Aspects
245
D. Liability of Other Persons with Influence on the Acts
of the Company
246
XXVI
Table of
Contents
1. Brief
Introduction
to the Law on Corporate Groups
246
2.
Liability of Statutory Bodies to the Controlling Entity
246
3.
Liability of Other Persons with Influence on
Management of the Company
247
a. Protection for Members of Statutory Bodies
247
b. The National Climate
247
Chapter
22
Denmark
J0rgen
Boe
and David Moalem
I. 'National Basics' and National Legal Theories of Directors'
Liabilities
A. General
B. Election of Directors and Managers
C. The Division of Power
II. Liability Issues
A. Legal Prerequisites of Liability
B. Tasks and Duties
C. Directors in Listed Companies
III. Recent Cases Dealing with Directors' Liabilities
A. Introduction
B. Liability for Violation of the Companies Acts
С
Liability for Predecessors' or Successors' Acts
D. Liability for Violating the Financial Statements Act
E. Duties in Pursuance of Special Legislation
F. Operation of a Company in Difficulties
IV. Developments in the Liability of Directors
V. Corporate Governance
VI. Limitation of Liability
A. Introduction
B. Agreed Exemption from Liability
C. Discharge From Liability
-
Adoption of Accounts
D. Reduction of Liability
VII.
Insurance
A. Normal Liability Insurance
B. Lawyers' Liability Insurance
C. Effect of Insurance Cover
249
249
249
250
250
251
251
251
252
253
253
253
253
254
254
255
255
256
256
256
256
257
257
257
257
257
258
Table of Contents
xxvii
Chapter
23
Finland
259
Kari Lautjärvi
and
Riikka
Leinonen
I. 'National Basics' and National Legal Theories of Directors'
Liabilities
259
A. Company Organs
260
B. Board of Directors
261
1.
Number of Board Members and Their Election
261
2.
Duties of Board Members Under the Companies Act
261
3.
Term of Office and Its Premature Ending
262
4.
Corporate Governance Recommendation
263
II. Liability of Board Members
263
A. Liability Under the Companies Act
263
B. Damage, Negligence and Causality
265
С
Scope of Liability
265
D. Amount of Compensation and Legal Costs
266
HI. Division of Liability
266
A. Delegation
266
B. Adjustment and Allocation of Damages
267
IV. Limitation of Liability
267
Chapter
24
France
269
J
'acque
Buhart
and Alain
de Foucaud
I. 'National Basics' and National Legal Theories of Directors'
Liabilities
269
A. Two-Tiered or Unitary Company Structure
269
B. Chairman/CEO (One or Two People/Checks and Balances)
270
1.
Unitary Structure
270
2.
Two-Tiered Structure
270
С
Board Structures
270
1.
Unitary Structure
270
2.
Two-Tiered Structure
270
D. Director's Elections/Staggering
271
1.
Unitary Structure
271
2.
Two-Tiered Structure
271
E. Director's Term of Appointment
271
1.
Unitary Structure
271
2.
Two-Tiered Structure
271
XXVIII
Table of
Contents
F. Delegation 271
G.
Removal of Directors
272
1.
Unitary Structure
272
2.
Two-Tiered Structure
272
II. Recent Cases Dealing with Directors' Liabilities ('Anthropological
Approach to Directors' Liability')
272
III. Judicial Review (Tightening of Standards?)
272
IV.
'Socio-
Anthropological Issues'
273
A. Is the Composition of the Board of Directors Changing in
France in Light of Recent Developments?
273
B. Are the Decision-making Mechanisms Changing in France
in Light of Recent Developments?
273
C. Board/Management Relationship
273
1.
Unitary Structure
273
2.
Two-Tiered Structure
273
V. Corporate Governance
274
A. Board Procedures
274
B. Structures of Oversight
274
VI. Liability Issues
275
A. Who Can Sue?
275
1.
Shareholders
275
2.
The Company Itself
275
3.
Third Parties
275
B. Who Can Be Sued?
275
1.
Directors
275
a. Director's Civil Liability
276
b. Director's Criminal Liability
276
2.
Supervisory Board Members
276
С
'De Facto
Director
277
D. Thresholds and Limitations/Caps of Liabilities in France
(Statutory Limitations on Directors' Liability)
277
E. Joint Liability/Solidarity
277
F. Derivative Actions
277
G. Class Actions
278
H. Relevance of Bankruptcy of Corporation with Regard to
Bringing a Directors' Liability Suit
278
1.
Director's Liability
278
a. Director's Civil Liability
278
b. Director's Criminal Liability
279
с
Extension of Bankruptcy Proceedings to Director
279
2.
Liability of Supervisory Board Members
279
3.
Costs and Fees in Liability Litigations
279
VII.
Indemnification
280
VIII.
Directors' and Officers' Insurance
280
IX. Other Methods of Protection
280
Table of Contents
xxix
X. Lawyer Directorship
280
A. French Lawyers May Not Directly Run a Company Unless
They Are Appointed in Companies Owned by Their Own
Families
280
B. French Lawyers May Be Appointed as Director
280
XL The'European Action Plan'
281
Chapter
25
Germany
283
Alexander Loos
I. Basic Principals for Director's Liability
283
A. Single-Body Companies or Two-Tier System
283
B. Management Structure and Chairman
284
C. Delegation of Management Powers
284
D. Removal of Directors
284
II. Typical Liability Cases
285
A. Internal Liability Towards the Company
285
1.
Violation of Non-compete
285
2.
Poaching of Business from the Company
286
3.
Disbursements from Restricted Equity of the Company
286
4.
Violation of Arm's Length Principles
286
B. External Directors' Liability
286
1.
Gross Negligence to Pay Taxes and Public Levies
287
2.
Illicit Non-payment of Social Security Contributions
287
3.
Late Filing for Insolvency
287
III. Liability Issues
288
A. Enforcement of Director's Liability
288
1.
Who Can Sue?
288
2.
Costs of Litigation, Class Actions
289
B. Joint Liability of Directors
290
С
Indemnification
290
IV. D&O Insurance
290
V. Lawyer Directorships
291
VI. The European Action Plan
291
Chapter
26
Ireland
Michael Greene and David Dobbyn
293
Introduction
I. Corporate Governance
293
294
xxx
Table
of Contents
П.
III.
IV.
v.
Α.
Combined Code
В.
Directors' Compliance Statements
С.
Board Structures
D.
Composition of the Board
E.
Delegation
F.
The Roles of Chairman and CEO
G.
Appointment and Removal of Directors
Liability
Issues
for Directors
Α.
Who May Sue or Prosecute Directors?
1.
Public Authorities
2.
The Company
3.
Shareholders and Employees
4.
Creditors
5.
Third Parties
В.
Who Can Be Sued?
1.
Executive and Non-executive Directors
2.
Shadow Directors
С.
Thresholds and Limitations of Liability
D.
Relevance of Insolvency of the Company
E.
Recent Cases
1.
Responsibilities Under Environmental Law
2.
Non-executive Directors
Methods of Protection for Directors
A.
Indemnification
B.
Insurance
Lawyer Directorships
The
European Action Plan
294
295
296
297
297
298
299
300
300
300
300
301
301
301
302
302
302
302
303
304
304
305
305
305
306
307
307
Chapter
27
Italy
Guido
Brosio and
Gabriele Fagnano
I. Corporate Governance Structure and Directors' Liability
A. Traditional, Single-Body and Two-Tier System; Structures
of Internal Control
Appointment and Removal of Directors
Board Structure and Main Executive Roles
Delegation and Information Flow Within the Board of
Directors
Directors' Interests in Relation to Company Action
II.
B.
С
D.
E.
Directors' Duties and Recent Cases Dealing with Directors' Liability
A. Directors' Duties
309
309
309
310
311
311
312
313
313
Table of Contents
xxxi
B. Judicial Approach to Directors' Standard of Care and
Diligence and Limits to Judicial Review of Directors'
Business Errors: Tightening of Standards
313
III. Liability Issues
315
A. Who Can Sue?
315
1.
Company Action Against Directors and Relevant
Indemnification
315
2.
Action of Company Creditors and Relevant
Indemnification
316
3.
Action of Third Parties and Individual Shareholders,
Relevant Indemnification
316
B. Who Can Be Sued?
317
C. Statute of Limitations and Other Limitations of Liability
317
1.
Statute of Limitations
317
2.
Other Limitations
317
D. Joint and Several Liability
318
E. Derivative Actions
318
F. Relevance of Bankruptcy with Regard to Bringing a
Directors'Liability Suit
319
Chapter
28
Luxembourg
Guy Harles and
Daniele Nosbusch
321
I. 'National Basics' and National Legal Theories of Directors'
Liabilities
321
A. 'One-System'Body
321
B. Chairman
322
С
Board Structures
322
D. Elections/Staggering
322
E. Delegation
322
F. Removal of Directors
324
II. Recent Cases Dealing with Directors' Liabilities
324
III. Judicial Review (Tightening of Standards)
324
IV. 'Socio-Anthropological Issues'
324
V. Corporate Governance
325
VI. Liability Issues
325
A. Who Can Sue?
325
1.
Liability for Management Errors (Article
59, § 1
of
the Law)
325
2.
Liability for Infringement of the Companies Law or
the Articles of Incorporation (Article
59, § 2
of the Law)
326
3.
Liability in Tort
326
XXXII
Table of
Contents
Table of
Contents
XXXIII
4.
Liability Under
Criminal
Law
326
В.
Who Can Be Sued?
327
1.
Liability for Management Errors (Article
59, § 1
of the
Law)
327
2.
Liability for Infringement of the Companies Law or the
Articles of Incorporation (Article
59, § 2
of the Law)
327
3.
Liability in Tort
328
4.
Liability Under Criminal Law
328
С
Thresholds and Limitations/Caps of Liabilities in Luxembourg
329
D. Joint Liability/Solidarity
329
1.
Liability for Management Errors (Article
59, § 1
of
the Law)
329
2.
Liability for Infringement of the Companies Law or the
Articles of Incorporation (Article
59, § 2
of the Law)
329
3.
Liability in Tort
329
4.
Liability Under Criminal Law
329
E. Derivative Actions
330
F. Class Actions
330
G. Relevance of Bankruptcy of the Corporation with Regard to
Bringing a Director's Liability Suit
330
H. Costs and Fees in Liability Litigations
331
VII.
Indemnification
331
VIII.
Directors' and Officers' Insurance
331
IX. Other Methods of Protection
332
X. Lawyer Directorship
332
XI. The European Action Plan
333
Chapter
29
The Netherlands
335
Willem Calkoen
and
Danielia
Strik
I. 'National Basics' and National Legal Theories of Directors'
Liabilities
335
A. Two-Tier System or One-Tier System Body
335
B. Chairman/CEO (One or Two People/Checks and Balances)
336
C. Board Structures
336
D. Elections/Staggering
336
E. Delegation
337
F. Removal of Directors
337
II. Recent Cases Dealing with Directors' Liabilities ('Anthropological
Approach to Directors
'
Liability
' ) 338
III. Judicial Review (Tightening of Standards?)
338
IV.
'Socio-
Anthropological Issues'
A. Composition of the Board of Directors
B. Decision-making Mechanism
С
Relationship Board/Management
V. Corporate Governance
VI. Liability Issues
A. Who Can Sue?
1.
The Company
2.
The Shareholder
3.
Trustee in Bankruptcy
4.
Creditors and Third Parties
5.
The Government
B. Who Can Be Sued?
С
Thresholds and Limitations/Caps of Liabilities in the
Netherlands (Statutory Limitations on Directors' Liability)
D. Joint Liability/Solidarity
E. Derivative Actions
F. Class Actions
G. Relevance of Bankruptcy of Corporation with Regard to
Bringing a Directors' Liability Suit
H. Costs and Fees in Liability Litigations
VII.
Indemnification
VIII.
Directors' and Officers' Insurance
IX. Lawyer Directorship
X. The'European Action Plan'
A. Modernising the Board of Directors
B. Implementation
Chapter
30
Poland
Tomasz Żak
I. 'National Basics' and General Information
A. Management and Supervisory Boards
-
Introduction
B. Chairman
С
Structure of the Corporate Bodies
D. Appointment, Recall and Suspension of Directors
П.
Recent Cases and Judicial Review Relating to Directors' Liability
III. Corporate Governance
A. Management Board
B. Supervisory Board
IV. Liability Issues
A. Liability Towards the Company
339
339
339
339
339
340
340
340
340
340
341
341
341
341
341
342
342
343
343
343
344
345
345
345
345
347
347
347
348
348
348
349
349
349
350
351
351
XXXIV
Table of
Contents
B.
Liability Towards Third
Parties 352
C.
Costs
354
D.
Criminal Liability
354
V. Indemnification
354
A. Liability Towards Third Parties
354
B. Liability Towards the Company
355
VI. Directors' and Officers' Insurance
355
VII.
Lawyer Directorship
355
VIII.
Implementation of the 'European Action Plan' and Recent
Developments
356
Chapte^l
Portugal
357
Miguel
de Avillez
Pereira
and Bruno
Sampaio
Santos
I. 'National basics' and National Legal Theories of Directors'
Liabilities
357
A. Two-Tier System or, One-System Body
357
B. Chairman/CEO (One or Two People/Checks and Balances)
358
C. Board Structures
358
D. Elections/Staggering
358
E. Delegation
359
F. Removal of Directors
359
II. Recent Cases Dealing with Directors' Liabilities
(
'Anthropological
Approach to Directors' Liability')
360
III. Judicial Review (Tightening of Standards?)
360
IV. 'Socio-Anthropological Issues'
361
A. Is the Composition of the Board of Directors Changing in
Portugal in Light of Recent Developments?
361
B. Are the Decision-making Mechanisms Changing in Portugal
in Light of Recent Developments?
361
C. Relationship Board/Management
361
V. Corporate Governance
362
VI. Liability Issues
362
A. Who Can Sue?
362
1.
Liability Towards the Company
362
2.
Liability Towards Shareholders (and Other Third Parties)
363
3.
Liability Towards Creditors of the Company
363
4.
Liability Before Tax Authorities and Social Security
363
B. Who Can Be Sued?
363
С
Thresholds and Limitations/Caps of Liabilities in Portugal
(Statutory Limitations on Directors' Liability)
364
D. Joint Liability/Solidarity
364
E. Derivative Actions
364
Table of Contents
xxxv
F. Class Actions
G. Relevance of Bankruptcy of Corporation with Regard to
Bringing a Directors' Liability Suit
H. Costs and Fees in Liability Litigations
VII.
Indemnification
VIII.
Directors' and Officers' Insurance
IX. Other Methods of Protection
X. Lawyer Directorship
XI. The 'European Action Plan'
Chapter
32
Spain
Enric Picanyol and Cow Fernandez-
Ranada
I. 'National Basics' and National Legal Theories on Directors'
Liabilities
A. Two-Tier vs. 'One-System' Body
B. Chairman/CEO
С
Board Structure
D. Elections/Staggering
E. Delegation
F. Removal of Directors
II. Recent Cases Dealing with Directors' Liabilities
A. General Rules
B. Infracapitalization
III. Judicial Review
IV. Socio-Anthropological Issues
V. Corporate Governance
VI. Liability Issues
A. Who Can Sue?
1.
Corporate Action
2.
Individual Action
B. Who Can Be Sued?
1.
Directors
2.
Corporate Entities as Directors
3.
'De
Facto' Directors
4.
Liquidators
5.
Persons Holding Powers of Attorney
C. Thresholds and Limitations
1.
There Are No Thresholds Applicable
2.
Negligence
D. Joint Liability/Solidarity
E. Derivative Actions
F. Class Actions
365
365
365
365
365
366
366
366
369
369
369
370
370
370
371
371
371
371
372
372
372
373
374
374
374
374
375
375
375
375
376
376
376
376
376
377
377
377
XXXVI
Table of
Contents
G.
Relevance of Bankruptcy of Corporation with Regard to
Bringing a Directors' Liability Suit
377
VII.
Indemnification
378
VIII.
Directors' and Officers' Insurance
378
IX. Other Methods of Protection
379
X. Lawyer Directorship
379
XI. The 'European Action Plan'
379
Chapter
33
Sweden
381
Per
Berglöf
and
Sverker Bonde
I. Swedish Limited Liability Companies
381
A. Business Form and the Legal Framework
381
B. Basic Organisation and Corporate Bodies of a Swedish
Aktiebolag
382
C.
Responsibilities of the Different Organs and Delegation
382
D. Election and Removal of Directors
383
II. Recent Case Law and Trends with Regard to Directors' Liability
384
III. Judicial Review of Directors in Sweden
384
IV. Corporate Governance
-
Socio-Anthropological Issues
385
A. Composition of the Board
385
B. Decision-making Mechanics
-
Board Committees
385
V. Liability Issues
385
A. Statutory, Civil or Contractual Legal Framework
385
B. Duties of Directors Towards the Company
386
C. Duties of Directors Towards Majority and Minority
Shareholders
386
D. Duties of Directors in Case of Bankruptcy
387
E. Directors' Criminal Liability
387
VI. Thresholds and Limitations to Liability
387
VII.
Who Can Sue?
388
A. The Company
388
B. Shareholders
-
Derivative Actions
388
C. Creditors and Other Third Parties
388
D. Insolvency Administrators/Trustees in Bankruptcy
389
E. Class Actions
389
F. Costs and Fees in Liability Litigations
389
VIII.
Indemnification by the Company and Insurance
389
IX. Other Methods of Protection
390
X. Lawyer Directorship
390
XL The 'European Action Plan'
390
Table of Contents
XXXVII
Chapter
34
Switzerland
Matthew T.
Reiter
and Felix R.
Ehr
at
I. Directors' Liability in Switzerland: The Basic Legal Regime
A. Introduction
B. Flexible One-Tier System
С
Board Structures, Chairman and CEO
D. Election and Removal of Directors, Nationality and Domicile
Requirements
E. Delegation
II. Recent Cases Dealing with Directors' Liability
III. Standards of Judicial Review
IV. Corporate Governance
V. Liability Issues
A. Grounds for Liability and Prerequisites in General
B. Who Can Sue?
С
Derivative Actions in Particular
D. Who Can Be Sued?
E. No Thresholds and Limitations on Directors' Liability
F. Joint and Several Liability
G. No Class Actions
H. Costs and Fees in Liability Litigations
VI. Indemnification
VII.
Director's and Officer's Insurance
VIII.
Other Methods of Protection for Directors on the Board of
a Swiss Corporation
391
391
391
392
392
392
393
394
395
395
396
396
397
397
398
399
399
399
400
400
401
401
Chapter
35
United Kingdom
Karla Dudek
Introduction
I. National Basics
A. Two-Tier System
B. Chairman/CEO
C. Board Structures
D. Elections/Staggering
E. Delegation
F. Removal of Directors
II. Recent Cases Dealing with Directors' Liabilities
III. Judicial Review
403
403
404
404
404
405
405
406
406
406
407
xxxviii
Table
of
Contents
IV.
Socio-Anthropological
Issues
408
Α.
Board
Composition
408
В.
Relationship of Board and Management
409
V. Corporate Governance
409
A. Board Procedures
409
B. Structure of Oversight
410
VI. Liability Issues
410
A. Who Can Sue a Director?
410
B. Who Can Be Sued?
411
C. Thresholds and Limitations/Caps of Liabilities
(Statutory Limitations on Liability)
411
D. Joint Liability/Solidarity
412
E. Derivative Actions
412
F. Class Actions
413
VII.
Indemnification
413
VIII.
Directors'and Officers'Insurance
413
IX. Other Methods of Protection
413
X. Lawyer Directorship
414
XL The European Action Plan
414
A. Modernising the Board of Directors
414
B. Implementation
414
Subject Index
415 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-02T16:34:30Z |
| indexdate | 2024-07-09T20:53:03Z |
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| isbn | 9041125612 9789041125613 |
| language | English |
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| spelling | Directors' liability a worldwide review General ed.: Alexander Loos. Authors: Miguel de Avillez Pereira .. Alphen aan den Rijn Kluwer Law Internat. [u.a.] 2006 LVI, 422 S. txt rdacontent n rdamedia nc rdacarrier International Bar Association series Includes bibliographic references and index Aansprakelijkheid gtt Bestuurders gtt Directeuren gtt Directors of corporations Legal status, laws, etc Tort liability of corporations Gesellschaftsrecht (DE-588)4020646-4 gnd rswk-swf Geschäftsführer (DE-588)4020486-8 gnd rswk-swf Internationaler Vergleich (DE-588)4120509-1 gnd rswk-swf Haftung (DE-588)4022898-8 gnd rswk-swf Rechtsvergleich (DE-588)4115712-6 gnd rswk-swf Geschäftsführer (DE-588)4020486-8 s Haftung (DE-588)4022898-8 s Gesellschaftsrecht (DE-588)4020646-4 s Rechtsvergleich (DE-588)4115712-6 s Internationaler Vergleich (DE-588)4120509-1 s DE-604 Loos, Alexander Sonstige oth Pereira, Miguel de Avillez 1965- Sonstige (DE-588)131446304 oth Digitalisierung UB Augsburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015448023&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Directors' liability a worldwide review Aansprakelijkheid gtt Bestuurders gtt Directeuren gtt Directors of corporations Legal status, laws, etc Tort liability of corporations Gesellschaftsrecht (DE-588)4020646-4 gnd Geschäftsführer (DE-588)4020486-8 gnd Internationaler Vergleich (DE-588)4120509-1 gnd Haftung (DE-588)4022898-8 gnd Rechtsvergleich (DE-588)4115712-6 gnd |
| subject_GND | (DE-588)4020646-4 (DE-588)4020486-8 (DE-588)4120509-1 (DE-588)4022898-8 (DE-588)4115712-6 |
| title | Directors' liability a worldwide review |
| title_auth | Directors' liability a worldwide review |
| title_exact_search | Directors' liability a worldwide review |
| title_exact_search_txtP | Directors' liability a worldwide review |
| title_full | Directors' liability a worldwide review General ed.: Alexander Loos. Authors: Miguel de Avillez Pereira .. |
| title_fullStr | Directors' liability a worldwide review General ed.: Alexander Loos. Authors: Miguel de Avillez Pereira .. |
| title_full_unstemmed | Directors' liability a worldwide review General ed.: Alexander Loos. Authors: Miguel de Avillez Pereira .. |
| title_short | Directors' liability |
| title_sort | directors liability a worldwide review |
| title_sub | a worldwide review |
| topic | Aansprakelijkheid gtt Bestuurders gtt Directeuren gtt Directors of corporations Legal status, laws, etc Tort liability of corporations Gesellschaftsrecht (DE-588)4020646-4 gnd Geschäftsführer (DE-588)4020486-8 gnd Internationaler Vergleich (DE-588)4120509-1 gnd Haftung (DE-588)4022898-8 gnd Rechtsvergleich (DE-588)4115712-6 gnd |
| topic_facet | Aansprakelijkheid Bestuurders Directeuren Directors of corporations Legal status, laws, etc Tort liability of corporations Gesellschaftsrecht Geschäftsführer Internationaler Vergleich Haftung Rechtsvergleich |
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