{"id":42069,"date":"2023-05-21T13:00:04","date_gmt":"2023-05-21T10:00:04","guid":{"rendered":"https:\/\/koumentakislaw.gr\/?p=42069"},"modified":"2026-08-28T09:42:58","modified_gmt":"2026-08-28T06:42:58","slug":"board-member-liability-grounds-for-discharge","status":"publish","type":"post","link":"https:\/\/koumentakislaw.gr\/en\/articles\/board-member-liability-grounds-for-discharge\/","title":{"rendered":"Liability of Board Members: Grounds for Discharge"},"content":{"rendered":"

In a previous article<\/a>\u00a0we examined the grounds for establishing the liability of the members of the Board of Directors towards the SA, due to their actions or omissions, which constitute a violation of their duties (102 \u00a71 Law 4548\/2018). We found there that liability does not exist, as long as the member of the Board of Directors “…proves that, in the exercise of their duties, they exercised the care of a prudent entrepreneur operating in similar circumstances” (art. 102 \u00a72). Through the present article we will look into the specific reasons for the exemption of the members of the Board of Directors from this responsibility (art. 102 \u00a74). We will also explore the possibility and conditions of the SA to waive its relevant rights or settle when a BoD member is under relevant liability. Finally, we will look into the statute of limitations for specific claims.<\/p>\n

 <\/p>\n

Exemption of Board Members<\/strong><\/p>\n

Board members are not liable for acts or omissions that (a) are based on a lawful decision of the General Assembly or (b) concern a reasonable business decision (5626\/2020 Court of Appeal of Athens, Nomos Legal Database). Apart from the specific reasons, the court can consider that there is no liability in the cases of acts that have been based on a previous relevant recommendation of an independent body or committee operating in the company in accordance with the law.<\/p>\n

The Individual Reasons for Exemption<\/strong><\/p>\n

Legal Decision of the General Assembly<\/strong><\/p>\n

Exemption from the responsibility of the members of the Board of Directors is provided, by law, when the disputed act or omission of the member is based on a decision of the General Assembly. The general provision of the law (corresponding to the previous regime – art. 22a of the law 2190\/1920) leads to a potential expansion of the competences of the General Assembly. The Board of Directors, given the relevant provision, may (and probably should) lead piles of decisions before the General Assembly, in order not to bear the responsibility that could burden it.<\/p>\n

In any case, however, such a decision of the General Assembly must be “lawful”. A defective decision of the General Assembly [invalid (as long as the invalidity period has not expired), voidable (as long as it has been annulled) or non-existent] cannot lead to exemption from liability.<\/p>\n

Furthermore, the decision should follow the relevant, necessary, formalities. A simple directive or direction of the General Assembly or the majority of shareholders or even the sole shareholder is not enough.<\/p>\n

Such a decision of the Board of Directors must precede, in time, the disputed act or omission of the member of the Board of Directors, which would otherwise lead to their liability. The object of the decision and the extent of the approval given should be derived from the decision of the General Assembly.<\/p>\n

A lawful, however, decision of the General Assembly leads to an exemption only if it is not presented in bad faith. The member of the Board of Directors cannot, for example, invoke the decision of the Board of Directors if the circumstances have changed substantially since its adoption.<\/p>\n

Reasonable Business Decision (Business Judgement rule)<\/strong><\/p>\n

The specific reason for exemption is intended to prevent any inactive attitude by the members of the Board of Directors and their non-taking of business initiatives, for fear of their personal liability.<\/p>\n

This possibility had already been identified under the previous regime, when a margin of discretion was recognized for the members of the Board of Directors. In fact, damage caused by making a business decision was included, jurisprudentially, in the business risks accepted and assumed by the management of a company (419\/2005 Single-Member Court of First Instance of Athens, 1698\/2013 Supreme Court, both in Nomos Legal Database).<\/p>\n

Under the current regime, it is expressly provided that such liability of the members of the Board of Directors does not exist, as long as their acts or omissions concern a reasonable business decision, which was made: (a) in good faith, (b) with sufficient information for the specific conditions and (c) with the sole criterion of serving the corporate interest.<\/p>\n

In order, therefore, to accept the reasonableness of the business decision, specific conditions must be met (cumulatively):<\/p>\n

(a) Reasonable Business Judgment<\/p>\n

The existence of a business decision of the Board of Directors (e.g. on financing or investment issues) is required. Both the acts and (if any) omissions of the Board of Directors are included. This condition (: of the business decision) is not fulfilled by decisions of the Board of Directors taken within the framework of their statutory or legal obligations – without any margin of deviation.<\/p>\n

Additionally: the business decision must be reasonable. It should, i.e., be justifiable based on objective criteria. It should, in addition, not place the SA at an unreasonably high risk.<\/p>\n

(b) Good Faith<\/p>\n

It is also assumed that the reasonable business decision has been made in good faith. A concept that runs through all of our national law. The member of the Board must act (objectively and subjectively) in good faith. When making the decision, there should not be a conflict of <\/strong><\/a>interest <\/strong><\/a>(<\/strong><\/a>objective criterion). At the same time, however, the respective member of the Board must not act fraudulently or without believing in the correctness of the respective business decision (: subjective criterion).<\/p>\n

(c) Sufficient Information<\/p>\n

The members of the Board of Directors need to be “adequately” informed before taking each business decision. This does not mean that it is necessary to exhaust every source of information (and how would that be possible?). On the contrary, the management of the company itself will judge when and under what conditions it has been informed enough to make a decision.<\/p>\n

Sufficient information for the Board of Directors is judged ad hoc. Criteria are taken into account such as: the importance of the specific decision for the company, the size of the company, its activity, the time available to gather information, etc.<\/p>\n

(d) Serving Solely Corporate Interests<\/p>\n

The decision should also aim, exclusively, at serving the corporate interest. This means that the member of the Board of Directors who makes the business decision must not be in a situation of conflict <\/strong><\/a>of <\/strong><\/a>interest<\/strong><\/a>. The serving of the corporate interest (it is accepted that) is achieved by increasing the long-term value of the company and maximizing the profit of the shareholders (as has been guaranteed for listed SAs, art. 2 \u00a71 law 3016\/2002).<\/p>\n

Recommendation\/Opinion of an Independent Body or Committee<\/strong><\/p>\n

As already pointed out, Law 4548\/2018 recognizes the discretion of the judge to decide that the Board members are not liable for acts or omissions based on the recommendation or opinion of an independent body or committee operating in the company, in accordance with law (102 \u00a74 in fine). This is a provision found, for the first time, in Law 4548\/2018.<\/p>\n

This provision does not introduce a new reason for exemption from the liability of article 102. On the contrary, according to the letter of the law, it is a possibility for the court to decide that the members are not liable.<\/p>\n

For the application of this provision, one may reasonably ask who falls within the meaning of body or committee. The provision\u2019s application seems to have a limited scope. Such an instrument e.g., recommends the Council of Experts provided for by law 3986\/2011 for TAIPED S.A. (art. 4) [Hellenic Republic Asset Development Fund (HRADF)]. In any case, its application must be sought even in substitutes, as it is accepted, bodies or committees provided for in the Law on SAs or in a special law or created by virtue of a statutory provision.<\/p>\n

Burden of Proof \u2013 Critical Time<\/strong><\/p>\n

The burden of proving that the conditions for exemption are met (: art. 102 \u00a74) are borne by the members of the Board of Directors. A critical time for the assessment of their contribution is that of taking the specific decision – in light of the conditions that were then prevailing (see Memorandum to law 4548\/2018 on art. 102). This is, specifically, an objection, which the members of the Board of Directors are obliged to present and prove.<\/p>\n

 <\/p>\n

Company’s Waiver of Claims – Settlement<\/strong><\/p>\n

A settlement between the SA and the liable member of the Board of Directors is not possible, without following a specific procedure and fulfilling specific conditions (art. 102 \u00a77). This seems perfectly reasonable as it is necessary to prevent fraudulent settlements\/waivers of claims to the detriment of the company (and of minority shareholders). Consent of the General Assembly is therefore required, but it can be vetoed by the minority. Specifically:<\/p>\n

(a) The waiver or settlement must take specific forms (full or partial remission of debt, negative recognition agreement, settlement agreement).<\/p>\n

(b) Two years have passed since the start of the right to claim, in order for the SA to decide (: not hastily) on any waiver of any legal pursuit of its claims. Before the completion of two years, related actions are invalid. However, in the case of a corporate lawsuit, the SA has the option to waive any of its claims or settle at any time.<\/p>\n

(c) To take a relevant decision (consent) of the General Assembly. At the relevant meeting, after the filing of a corporate lawsuit, the special representative that may have been appointed is also invited to attend. Last,<\/p>\n

(d) That 1\/10 of the represented corporate capital (if there has been no prior corporate action) and 1\/20 (in the event that an action has already been initiated) has not objected to the above decision.<\/p>\n

 <\/p>\n

Limitation<\/strong><\/p>\n

The company’s claims for compensation, according to article 102, expire after three years. The limitation period begins with the performance of the act or omission that led to the company’s loss. On the contrary, the knowledge of the harmful event by the company, as well as the appearance of its results, does not constitute the beginning of the statute of limitations (1483\/2010 Supreme Court, 131\/2022 Supreme Court, Nomos Legal Database).<\/p>\n

The statute of limitations is suspended for as long as the person in charge remains a member of the Board of Directors (or for as long as they are a substitute body, liquidator, etc.) Likewise, a suspension is also applicable in the case of the submission of the minority’s application to the Board of Directors for raising the claims of the SA (according to art. 104 \u00a71, a topic we will look into in a subsequent article). In any case, claims are barred after ten years from the performance of the act or from the omission.<\/p>\n

If the company’s loss was caused by a violation of the prohibition <\/strong><\/a>of <\/strong><\/a>competition<\/strong><\/a>, a shorter statute of limitations is provided (art. 98 \u00a73). In particular, the related claims are barred after one year and in any case, after five.<\/p>\n

 <\/p>\n

As we have stated repeatedly, participation in the Board of Directors of an SA is not without responsibilities. Any damaging decisions, acts or omissions of members of the Board of Directors can be substantiated, under conditions, of their personal responsibility. Certain conditions must be met for their possible exemption from the SA, waiver of claims or settlement by the SA. Important issue: the safeguarding of the interests of the SA and the minority shareholders. The Board of Directors, moreover, is obliged to exercise the relevant claims in a timely, complete and diligent manner. About them, however, in our next article.-<\/p>\n

\"\"<\/p>\n

Stavros Koumentakis<\/a>
\nManaging Partner<\/em><\/p>\n

\u00a0<\/em><\/p>\n

The information contained in this article does not constitute (nor is it intended to constitute) legal advice. Such legal advice may only be provided by a qualified lawyer who has taken into account all the facts and circumstances of your particular case.<\/em> Read more<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In a previous article\u00a0we examined the grounds for establishing the liability of the members of the Board of Directors towards the SA, due to their actions or omissions, which constitute a violation of their duties (102 \u00a71 Law 4548\/2018). We found there that liability does not exist, as long as the member of the Board […]<\/p>\n","protected":false},"author":5,"featured_media":42096,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[1222,1260,53,1261,110,112,1253,1208,1234,1189,335,1264,1217,1263,1262],"class_list":["post-42069","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-board-member-liability","tag-board-member-liability-exemptions","tag-board-of-directors","tag-business-judgment-rule","tag-corporate-governance","tag-corporate-interest","tag-directors-duties","tag-duty-of-care","tag-general-meeting","tag-greek-corporate-law","tag-law-4548-2018","tag-limitation-period","tag-minority-shareholders","tag-settlement","tag-waiver-of-claims"],"acf":[],"yoast_head":"\nBoard Member Liability Exemptions in an S.A. - KOUMENTAKIS<\/title>\n<meta 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