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Duty of Due Managerial Care in Corporate Law
Petržela, Karel ; Tomášek, Petr (referee)
Duty of Due Managerial Care in Corporate Law Abstract All members of elected corporate bodies are bound by duty of due managerial care. Precise understanding of the content of this elementary obligation is required for legal certainty of those persons, who accept the position of memer of an elected corporate body. This work aims to explain context and historical, economic and legal background of the current duty of due managerial care in corporate law, compare its content with that of comparable duties in selected foreign jurisdictions, review and assess the assumed content of this duty under Czech law having regard to such comparable duties, and to analyze selected consequences and implications of breach of such duty under Czech law. This work reflects on the legal framework in effect as of 28 February 2022 and takes into account also the amendment to the Corporations Act implemented by Act No. 33/2020 Coll. The work is organized into eight chapters (including introduction and conclusion). The research questions are being addressed in chapters 2 through 7 where chapters 2 through 4 are considered key. The second chapter is dedicated to the context, in which the duty of due managerial care exists under Czech law, in particular the historical and economic bacground, and also to general terms and concepts,...
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Duty of Due Managerial Care in Corporate Law
Petržela, Karel ; Štenglová, Ivanka (advisor) ; Eichlerová, Kateřina (referee) ; Havel, Bohumil (referee)
Duty of Due Managerial Care in Corporate Law Abstract All members of elected corporate bodies are bound by duty of due managerial care. Precise understanding of the content of this elementary obligation is required for legal certainty of those persons, who accept the position of memer of an elected corporate body. This work aims to explain context and historical, economic and legal background of the current duty of due managerial care in corporate law, compare its content with that of comparable duties in selected foreign jurisdictions, review and assess the assumed content of this duty under Czech law having regard to such comparable duties, and to analyze selected consequences and implications of breach of such duty under Czech law. This work reflects on the legal framework in effect as of 28 February 2022 and takes into account also the amendment to the Corporations Act implemented by Act No. 33/2020 Coll. The work is organized into eight chapters (including introduction and conclusion). The research questions are being addressed in chapters 2 through 7 where chapters 2 through 4 are considered key. The second chapter is dedicated to the context, in which the duty of due managerial care exists under Czech law, in particular the historical and economic bacground, and also to general terms and concepts,...
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Duty of Loyalty of a Shareholder of a Capital Company
Krausová, Aneta ; Tomášek, Petr (advisor) ; Patěk, Daniel (referee)
Duty of Loyalty of a Shareholder of a Capital Company Abstract This thesis deals with the issue of the duty of loyalty of a shareholder of a capital company. It focuses mainly on the analysis of the duty of loyalty of a shareholder towards the company, and marginally presents the duty of loyalty of the company towards the shareholder and the duty of loyalty between the shareholders. The main objective of this thesis is to define the duty of loyalty and to analyse this duty in some of the relationships within a company. Central to this analysis is the interpretation of the provisions of Section 212 of the Civil Code, which I address in this thesis in turn. Due to the generality of the concept of loyalty, a key part of this thesis is the analysis of the existing decision-making practice of the courts, including the applicability of decisions based on the regulation before the recodification of private law. The thesis is divided into an introduction, four parts and a conclusion. The first part deals with the principle of good faith as the fundamental basis of the duty of loyalty, its nature as a general clause and its derived functions. The second part introduces the reader to the duty of loyalty in shareholder relations of a capital company on three levels. The main focus is on the shareholder's duty of...
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The Legal Status of a Member of the Statutory Body of a Dependant Joint Stock Company
Štaňko, Silvie ; Zahradníčková, Marie (referee)
(EN) The dissertation deals with the issue of the legal status of a member of the statutory body of a joint stock company in a situation when the influence of the concern's controlling entity interferes with his/her powers. Attention is paid in particular to the definition of the boundaries of due care and to the binding nature of the concern's guidelines and instructions. In preparing the dissertation, general methods of scientific work, such as deduction, analysis, synthesis and the descriptive method, were used. In addition, specific formal legal methods were employed, namely grammatical interpretation, logical interpretation and systematic interpretation (considering the context and place of the provisions from the point of view of the legal regulation, the system of private law, as well as from the point of view of the entire Czech legal system). As supporting methods, historical interpretation (the rules prior to the recodification of private law) and teleological interpretation (reasoning that uses the meaning of corporate law) were applied. Furthermore, the comparative method was used to a considerable extent in the preparation of the dissertation. This involves both a comparison with selected foreign rules (German, British and French) and a comparison with rules at the Community level. The...
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The Legal Status of a Member of the Statutory Body of a Dependant Joint Stock Company
Štaňko, Silvie ; Černá, Stanislava (advisor) ; Dvořák, Tomáš (referee) ; Josková, Lucie (referee)
(EN) The dissertation deals with the issue of the legal status of a member of the statutory body of a joint stock company in a situation when the influence of the concern's controlling entity interferes with his/her powers. Attention is paid in particular to the definition of the boundaries of due care and to the binding nature of the concern's guidelines and instructions. In preparing the dissertation, general methods of scientific work, such as deduction, analysis, synthesis and the descriptive method, were used. In addition, specific formal legal methods were employed, namely grammatical interpretation, logical interpretation and systematic interpretation (considering the context and place of the provisions from the point of view of the legal regulation, the system of private law, as well as from the point of view of the entire Czech legal system). As supporting methods, historical interpretation (the rules prior to the recodification of private law) and teleological interpretation (reasoning that uses the meaning of corporate law) were applied. Furthermore, the comparative method was used to a considerable extent in the preparation of the dissertation. This involves both a comparison with selected foreign rules (German, British and French) and a comparison with rules at the Community level. The...
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Rights and obligations of shareholders
Hála, Ondřej ; Josková, Lucie (advisor) ; Flídr, Jan (referee)
Rights and obligations of shareholders The diploma thesis deals with the comparison of the legal status of individual shareholders in a joint stock company, respectively provides an insight into possible differences in their rights and obligations. In the first part, the differentiation in shareholder rights and obligations are listed in general in terms of qualitative and quantitative aspects of the share and addresses the question of whether the different type and number of shares held by individual shareholders does not encounter the principle of equality. Due to the diversity of all shareholder rights and obligations, the work in its second part focuses on the duty of loyalty and compares this general obligation, which is the basis of all other shareholder rights and obligations, from the perspective of individual shareholder groups. A joint stock company is an environment where there is often a conflict of interest between shareholders and the company or between shareholders themselves. For this reason, the duty of loyalty primarily defines the terms "purpose" and "interest" of the company and similarly, the shareholders identify the "motive" for which shareholders most often join the joint-stock company and their partial "interests". Subsequently, a general description of the duty of loyalty...
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The Duty of Loyalty of a Member of a Business Company
Polena, Stanislav ; Černá, Stanislava (advisor) ; Zahradníčková, Marie (referee)
The duty of loyalty of a member of a business company This thesis deals with the topic closely connected with the field of corporate governance which is a part of corporate law. According to the American legal theory is duty of loyalty one of the fiduciary duties. The traditional classification of fiduciary duties is based on dualism - duty of loyalty and duty of care. But this concept is changing over time mainly due to case law. There is no settled opinion on the basic question how many fiduciary duties there are. Current opinion of the respected authority in this field - Delaware' Supreme Court is based on dualism of fiduciary duties, but not in the traditional meaning. The duty of loyalty includes according to the opinion of the judges not only conflicts of interests and self-dealing situations, but breach of good faith as well. On the other hand the traditional point of view was settled on two fiduciary duties - loyalty and care as well. Duty of loyalty was connected with conflicts of interest situations between principal and agent, when the personal financial interest of the agent was present. Duty of loyalty protected the legal position of the principal when agent managed entrusted property. The duty of care was connected with the interest of the principal and due performance of the agent with the...
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Duty of due managerial care of member of an elective body of a limited company and consequences of its violation
Havlík, Jiří ; Černá, Stanislava (advisor) ; Zahradníčková, Marie (referee)
My thesis focuses on one of the fundamental issues of representation of stock corporations by their elected bodies or members of these bodies. This issue concerns the responsibility of these parties to act in the performance of their duties with due managerial care which is a key aspect in determining the standard required from the parties representing a limited liability company and a joint stock company. This topic is extremely relevant to the current situation due to recent re- codification of private law, whose linchpins are Act No. 89/2012 Coll., the Civil Code, and Act No. 90/2012 Coll. on business companies and cooperatives (the Act on Business Corporations). The authors of these regulations during their drafting had to cope with the development of both the doctrine and the case law and their task was not only to adapt the legislation to the commercial law practice of stock corporations of the 21st century, but also to resolve some of its contentious issues. The thesis consists of an introduction, three main chapters further subdivided into subsections and the conclusion. The first chapter deals with the legal regulation and the description of the concept of due managerial care and related aspects at the time of effectiveness of Act No. 513/1991 Coll., the Commercial Code. Particular...
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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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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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