Recodification Guide for Entrepreneurs No. 3

Just as a man needs a heart, a brain and hands to live, companies cannot exist without their shareholders, directors and other officials. The functioning of a company is closely related to the status, rights and obligations of its bodies and their members. The recodification brings major changes to legislation that will affect not only the statutory bodies (Managing Directors, Boards of Directors, etc.) and their conduct on behalf of a company, but also the supreme body (the General Meeting) and supervisory bodies (the Board of Supervisors). The new legislation in many aspects allows for statutory bodies to act more freely and enables them to carry out a series of steps which is prohibited under the current law. In this issue of our Business Bulletin we will outline the most fundamental changes in the status, rights and obligations of members of bodies of companies and about innovations in the field of representation of companies.


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