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The concept and content of due managerial care
Král, Richard ; Patěk, Daniel (advisor) ; Eichlerová, Kateřina (referee)
The subject matter of this Master's thesis is to describe and to analyze the legislation of the fiduciary duties as well as the related questions such as the business judgment rule and the request on the management decisions. The fiduciary duties represent the standard of acting which must be respected by the member of the elected body during the exercise of the managerial power. The business judgment rule, however, protects the members of the elected bodies from unjustified accusations of the violation of the standard of the acting while in the final consequence represents the protection of the authority to undertake the decisions. The request on the management decision represents an exception from the common rule, solely entrusting the management of the business into the hands of the statutory body. The main aim of this thesis is to describe and to analyze the listed legislations including the crucial questions arising from these issues together with the suggestion of the solutions. The diploma thesis consists of four chapters. First chapter presents the introductory treatise on the implementation of the legal establishment of the corporate governance together with the emphasis on the economical output. The second chapter is dedicated to the very merit. The legislation of the fiduciary duties,...
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Liability of the governing body of a joint-stock company before and after recodification of private law
Grundman, Vojtěch ; Štenglová, Ivanka (advisor) ; Čech, Petr (referee)
in English The thesis deals with the liability of the members of statutory authority of a joint-stock company in antecedent legislation and in present legislation. These legislation are compared and their differences are described. Duties of a member of statutory authority (foremost duty of care), whose violation led to commencement of obligation to compensation for damage, are characterized. Specifically the thesis deals with their obligation to pay damages and their liability for damage. These relations are analyzed not only to company itself, but also in relationship to the shareholders and third persons. Thesis contains also research of claiming damages and business judgment rule.
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Duty to act with due managerial care in the course of management of a joint stock company in the Czech Republic with regard to the regulation in Great Britain
Bezpalec, Zdeněk ; Černá, Stanislava (advisor) ; Zahradníčková, Marie (referee)
in English Duty to act with due managerial care in the course of management of a joint stock company in the Czech Republic with regard to the regulation in Great Britain. This thesis deals with duties of members of board of directors, especially with the duty of care, skill and diligence. The aim of the thesis is to analyze in detail the duty of care, skill and diligence owed by the members of board of directors to the company. Another aim of the thesis is to compare a legal framework of duty of care, skill and diligence according to the commercial code (‚obchodní zákoník') with the legal framework of duty of care, skill and diligence according to the (new) civil code (‚občanský zákoník') and to predict whether the existing cases could still be applicable in the future. The last and perhaps the most significant aim of the thesis is to compare the Czech legal framework of the duty of care, skill and diligence with the English legal framework of the above mentioned duty. The english corporate law has been developing for centuries, thanks to which the comparative part of the thesis is not only a theoretical treatise, but also a stimulative inspiration for the Czech legal system de lege ferenda.
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Duty of due managerial care - a comparative point of view
Kasl, František ; Josková, Lucie (advisor) ; Černá, Stanislava (referee)
The main goal by writing of this thesis was to provide a contribution to the discussion regarding the interpretation of selected legal terms contained in the Czech concept of the due managerial care, with the help of comparison with the development of this legal element in the law of neighbouring Austrian republic, which is (to my knowledge) still not significantly professionally accounted for in our academic environment. The Austrian concept of the duty of due managerial care is in Czech academic literature not often considered, therefore I offer in order to allow for mentioned comparison in this thesis an overview analysis of the present legal regulation of the duty of due managerial care in Austrian law, whereas emphasised are the aspects, which are further used in the breakdown of constituent issues, alternatively aspects, which distinguish Austrian law from Czech law. I am trying to provide deeper insight into selected number of topics and to formulate my own conclusions regarding partial issues with the help of comparative findings from the Austrian law in the relation to the most common form of business corporation, the limited liability company. The thesis is divided into two parts, whereas in the first part I deal with the element of due managerial care from the analytical viewpoint of the...
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Disqualification of governing body members (and other persons) from their positions in a business corporation
Vítek, Dominik ; Čech, Petr (advisor) ; Pelikán, Robert (referee)
1 Abstract: Disqualification of governing body members (and other persons) from their positions in a business corporation As of 1 January 2014 a new act no. 90/2012 Coll., Business Corporations Act, has been effective in the Czech Republic. Among the other new legal instruments, the Act has incorporated a regulation of disqualification of governing body members (and other persons) from their positions in a business corporation. This master thesis aims at determination of particular grounds for the disqualification and impacts of its application. Further, persons who may be disqualified under the pursuant to the particular grounds are defined in the thesis. The aim of the thesis is to find a general rules governing the disqualification and to determine limits of its application. The thesis also defines other persons (positions) which the disqualified person will not be allowed to hold and perform due to the court's decision. The author uses descriptive and analytical methods to interpret the legal regulation, which is joined with comparison of Czech and British legislation as the British legislation was one of the main sources. The Act is interpreted based on grammatical, logical, teleological, systematic, and partially historical interpretation methods. Within the comparison the author focuses on the...
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A comparison of due managerial care of a member of governing body in the Czech Republic and a comparable duty of a member of governing body in Ireland
Pečinka, Martin ; Josková, Lucie (advisor) ; Čech, Petr (referee)
This paper deals with a comparison between the Czech duty of due managerial care of a member of governing body of limited company and the Irish non-fiduciary duty to exercise care, skill and diligence of a director of limited company (hereinafter also referred as "duty of care"). The paper aims to find out a possible way to improve legislation of the duty of due managerial care on the basis of comparison with the duty of care. The duty of care sets the ground for the comparison, therefore the paper deals first with the Irish legal status of the duty of care, which has been recently changed by the Companies Act 2014. Despite of the codification of the directors' duties, the core of interpretation and application of the duty of care still rests in judicial decisions. Nevertheless, the change of source and statutory wording of the duty means that the substance of Re City Equitable [1925] does not represent a good law anymore. The standard of care of Re City Equitable [1925] has been replaced by the minimal objective standard based on the British judgment Re D'Jan of London [1994]. The content of the duty of care is determined on the case by case basis, but in any event it consists of conclusions of the British judgment Re Barings [1999], which has been accepted by the Irish courts in restriction...
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Rule of entrepreneurial judgement
Janoušková, Kamila ; Eichlerová, Kateřina (advisor) ; Josková, Lucie (referee)
Every corporate director is under the obligation to perform his duties with reasonable care and loyalty. In connection with re-codification of the Czech private law, the Business Corporations Act brought a new institute to the Czech legal system - the business judgment rule. This rule provides corporate directors with a special protection against the liability for the breach of their duties. The aim of this thesis is to focus on this institute, to analyse the Czech version of business judgment rule, to compare it with its foreign models and provide the most likely judicial interpretation of it. The thesis consists of three main chapters. Chapter One deals with the issue of directors duties of care and loyalty and describes the grounds for existence of business judgment rule with a broaded context of law and economics knowledge. It explains the role of capital companies in business in order to define leading requirements for company regulation. Author focuses on the necessity of taking a risk in process of making entrepreneurial decisions. Chapter Two provides a description of two foreign models of business judgment rule. First, it deals with the business judgment rule originated from the practise of the courts in USA and two possible interpretations given by them - a standard of review and an...
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D&O (Directors and Officers Liability) insurance of members of a joint stock company bodies
Hřeben, Tomáš ; Borkovec, Aleš (advisor) ; Hraba, Zdeněk (referee)
The topic of the submitted diploma thesis is the directors and officers liability insurance of members of a joint stock company bodies and its aim is to analyze this insurance product and to evaluate possibilities of its use in domestic conditions. This theme is topical because of the recent financial crisis as well as with regard to the recodification of the Czech private law which resulted in demanding more requirements on members of a joint stock company bodies during performance of their office and most importantly the danger of guaranty for obligations of company in accordance with the provision § 68 of the law on commercial corporations constitutes a really big threat for members of a joint stock company bodies. In order to understand the dangers from which the insurance should protect, first of all the first chapter is dedicated to basic characteristics of joint stock company and mainly to duties of members of a joint stock company bodies which are divided into two groups in this thesis - fiduciary duties (duty of due care, duty of loyalty, duty of secrecy, prohibition of competition, duty of personal performance of office) and so called "technical" duties. In the next chapter there is briefly examined the legislation of liability and compensation for damage where these issues are consulted...
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Duty of due managerial care of memeber of an elective body of a limited company
Černý, Pavol ; Černá, Stanislava (advisor) ; Zahradníčková, Marie (referee)
IN ENGLISH The purpose of this paper is to analyse all segments of the duty of due managerial care of member of an elective body of a limited company and propose de lege ferenda approach to segments of the duty. Another goal of this master's thesis was to examine new business judgment rule and present an alternative British model of the rule. To provide a comparative approach the paper utilizes the British company law approach. The first chapter introduces the origin of the duty of due managerial care, in particular its roots in Roman law and Austrian civil code. The second chapter is divided into five subchapters. The first subchapter highlights the recent changes to the duty of due managerial care after recodification of private law. The second subchapter examines duty of care as one of two integral parts of the duty of due managerial care. Firstly, it analyzes the quality of care expected of directors. Secondly, it focuses on the test for determination of necessary standard of care. Thirdly, following a critical examination of the test for determination of a standard of care, the paper suggests de lege ferenda test of due care. Finally, the first subchapter considers the British duty of care, skill and diligence. The third subchapter covers the duty of loyalty including duties derived from it...
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Liability of governing bodies of limited companies
Vitha, Petr ; Patěk, Daniel (advisor) ; Josková, Lucie (referee)
- Liability of governing bodies of limited companies The thesis deals with the liability of governing bodies of limited companies in the light of the recodification of private law. The given topic is becoming increasingly acute in the Czech legal environment, especially with regard to the codification of due diligence and the business judgment rule in the basic acts of private law, namely the Civil Code and the Business Corporations Act. The aim of this work is to provide a comprehensive insight into the problems of the concept of liability within the Civil Code and a view into the Business Corporations Act and the ensuing liability of governing bodies of limited companies. In the first chapter of this thesis, various key concepts, which are used and elaborated throughout this paper, are analyzed and defined. The concept of liability is analyzed in terms of a historical perspective - both from the so-called prospective and retrospective conception to the conception contained in the Civil Code. The concept of a statutory body (governing body) is analyzed both in terms of rules contained in the Civil Code and in terms of the different specificities of the Business Corporations Act including the analysis of directors of a limited company and the board of directors of a joint-stock company. The second...
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