{"id":48596,"date":"2023-04-02T10:10:44","date_gmt":"2023-04-02T07:10:44","guid":{"rendered":"https:\/\/koumentakislaw.gr\/articles\/symbaseis-ae-me-melh-ds-kai-syndedemena-merh-trexoyses-synallages\/"},"modified":"2026-08-28T09:26:08","modified_gmt":"2026-08-28T06:26:08","slug":"ordinary-related-party-transactions","status":"publish","type":"post","link":"https:\/\/koumentakislaw.gr\/en\/articles\/ordinary-related-party-transactions\/","title":{"rendered":"SA Contracts With Board Members And Related Parties. Current Transactions"},"content":{"rendered":"

In our previous article<\/strong><\/a>, <\/strong><\/a>we looked into the rule prohibiting the conclusion of contracts with the SA and carrying out transactions on its behalf. We are referring to the contracts and transactions that take place between the SA on the one hand and the members of the Board of Directors <\/strong><\/a>(<\/strong><\/a>or related parties<\/strong><\/a>) on the other: their conclusion\/operation is not permitted without the fulfillment of specific, strict conditions. Exceptions are made to this specific, but prohibitive, rule. More important, possibly, that which concerns the current transactions of the SA.<\/p>\n

“Current Transactions”<\/p>\n

Concept \u2013 Purpose<\/h4>\n

An important, as already mentioned, exception to the above prohibitive rule (: art. 99 par. 1) is the case of contracts and transactions that do not go beyond the limits of the SA’s current transactions. In other words: any contract\/transaction that can be characterized as “current” can be concluded by the SA without any hindering.<\/p>\n

As current transactions (a term also known under the previous law) the law defines those, which are: (a) usual in relation to the operations and the object of the company’s business activity, in terms of their type and size and (b) are entered into under normal market conditions. At the same time, the law attempts to determine such transactions (also) (c) in the light of a quantitative criterion (art. 99 \u00a73 para. a\u0384).<\/p>\n

“Current transaction of the company with third parties” is considered, according to the jurisprudence, that which, based on its object, falls under the contracts drawn up in the context of the daily activity of the company. The one, i.e., whose terms are the usual terms of the contracts that the company enters into with its other customers (1245\/2018 Supreme Court, 240\/2019 Court of Appeal of Dodecanese, both in NOMOS Legal Database). The SA shareholder who uses the parking, e.g., parks their car there by paying the determined, for everyone, price.<\/p>\n

The specific exception and different treatment of “current transactions” is easily justified. These transactions do not entail (significant) risks for the SA and the minority shareholders. In this context, any obligation to maintain the strict licensing procedure (art. 100) and publicity (art. 101), would not be proportional to the potential risks. More precisely: it would unnecessarily and significantly burden the SA.<\/p>\n

The importance of this exception increases given the non-incorporation of the (of EU origin) criterion of “significance”. In particular, the Greek legislator preferred, in principle, the inclusion in the licensing and publicity process of all (even minor or non-existent) transactions of the company with related parties. The increased practical importance of trying to define the meaning of “current transactions” therefore emerges as absolutely obvious.<\/p>\n

Due to the fluidity and vagueness of the specific concept, the characterization of significant transactions as “current” is imperative to be evaluated and justified, specifically and on a case-by-case basis, by the Board. However, this obligation does not arise from the law regarding non-listed SAs. Such an evaluation and justification, however, would be particularly useful in the event that the character of the transaction as current would be questioned.<\/p>\n

However, with regard to listed SAs, things are different. The Board of Directors is obliged to establish the fulfillment (or not) of the criteria for characterizing a transaction as current. It does this through a special, mandatorily prescribed, internal periodical evaluation procedure, which it establishes. The possibly involved members of the Board of Directors do not, of course, participate in it, to avoid situations of conflict of interest (art. 99 \u00a73 para. a’ ed. c’ & d’). It should be noted, however, that the horizontal imposition of such a procedure (regardless of the importance and value of the transaction) proves to be problematic on many levels. Let\u2019s consider, for example, of the managing director of an SA who uses the parking lot operated by said SA every day. Based on the strict interpretation of the law, they would have to receive for each such transaction (or even for all the corresponding ones) the approval of the Board of Directors and the finding of the transaction (: use of parking \/ payment of the prescribed price) as current.<\/p>\n

Criteria<\/h4>\n

Regarding the individual criteria for the classification of a transaction as current, the following are noted:<\/p>\n

(a) Ordinary Nature of the Transaction<\/u><\/p>\n

A transaction acquires the character of “current” in relation to the operations and the object of the business – after, of course, taking into account its type and size. The concept of the object of the business <\/strong><\/a>should <\/strong><\/a>be <\/strong><\/a>treated broadly. In this context we should include in the usual transactions, of course, those carried out in the context of its main activity. Also, the auxiliary-preliminary ones (: of the main activities – e.g. purchase of raw materials, employment contracts, etc.). But especially with regard to labor contracts (although it is widely argued that it is possible to fit them, under conditions, into the concept of current transactions) we should be particularly careful in our individual assessments.<\/p>\n

A measure, therefore, for the characterization of a transaction as “ordinary” is the activity of the company. Also, its financial strength and its needs which are satisfied by the preparation of each such transaction (1245\/2018 Supreme Court, NOMOS Legal Database).<\/p>\n

The proof, however, that the object of the specific contract does not go beyond the limits of the usual\/current transaction, is borne by the person fighting for its validity (502\/2020 Court of Appeal of Piraeus, 248\/1998, both in NOMOS Legal Database).<\/p>\n

(b) Ordinary Terms of Purchase<\/u><\/p>\n

An equally important criterion is the conclusion of transactions under “common market conditions”. It examines, that is, whether the company would enter into a contract with an unrelated third party on the same (or at least, objectively, not substantially different) terms. In this case, the habits they keep in dealing with contracts of this kind are clearly of interest (1245\/2018 Supreme Court, NOMOS Legal Database).<\/p>\n

The two, mentioned immediately above, under (a) and (b), criteria must be cumulative. However, the terms of the contract should not be considered independently of individual, special, circumstances. It is not excluded, for example, that the corporate interest (: survival of the SA) dictates the sale of goods below their purchase cost. The same applies in the event that the company is under liquidation.<\/p>\n

(c) Quantitative Criterion<\/u><\/p>\n

The third criterion (precisely: presumption – art. 99 \u00a75) is of a quantitative nature and concerns the size of the transaction and is related to the first. To the size, i.e., of the transaction that makes it “ordinary” and therefore subject to “current transactions”.<\/p>\n

In particular, it is presumed that a contract of the company with related parties is not usual in terms of its size, if its value exceeds 10% of the SA’s assets. This will, as a rule, result from the latest (published) company balance sheet. In the event of a lack of such a publication (e.g. within the first corporate year), it should be derived from the balance sheet that will be drawn up, specifically, for this purpose (art. 99 \u00a75 para. a’).<\/p>\n

As for unlisted companies, the 10% presumption is rebuttable. This means that, even if we exceed the specific percentage, it is, under conditions, tolerable to carry out such a transaction. However, the Board of Directors is obliged, first of all, to carry out, in this case, a thorough check and proof as to the presence (or not) of the conditions for characterizing the specific transaction as current. In the same (or the opposite) direction can be taken by the shareholders (especially the minority), the SA itself and, of course, its counterparty.<\/p>\n

On the contrary, with regard to listed companies, this criterion is indisputable. Any excess of 10% of the SA’s assets excludes the characterization of the transaction as current (art. 99 \u00a7 5 para. b’).<\/p>\n

Decisive for the assessment of the specific quantitative limit is the total value of the contract and not the commercial value, e.g., of the object to be disposed of. Any sale at a low price (which may not meet this presumption) may disqualify the transaction from being current based on the first two criteria.<\/p>\n

For reasons of avoiding circumvention (e.g.: segmentation of transactions or mediation of surrogate persons, see related Memorandum to Law 4548\/2018 on art. 99), in the above quantitative criterion (: 10% of assets) are included the transactions completed with the related party or another person directly or indirectly controlled by it, during the same financial year (art. 99 \u00a75 para. c\u0384). Under the condition, however, of the non-observance of the procedure provided for in the law (Art. 99 et seq. – obtaining approvals, publicity, etc.). In the case of more such included transactions, (it should be accepted that) only the last of them is mandatorily approved: the one, i.e., which results in the fulfillment of the quantitative criterion and not, retroactively, each previous one.<\/p>\n

 <\/p>\n

The rule prohibiting transactions with members of the Board of Directors and associated members is, as we have already established, safeguarding the interests of the SA and, in particular, of the minority shareholders. Of course, its counterparties too. However, as this rule is strict and absolute, its absolutely rigid application would create problems for the SA itself and its transactions. In this context, the law itself establishes a series of exceptions. The most important of these is the one concerning its current transactions: the simple, daily transactions between the non-listed SA and a member of its Board of Directors (e.g.) are not only not prohibited, but also no approval is required (although for the most important among them it would be useful – if not critical). It is sufficient, of course, that some basic – however logical – conditions are met. But be careful: any attempt to circumvent (also) the specific exception creates not negligible responsibilities of the persons involved. For the other exceptions: see our next article.-<\/p>\n

\"\"<\/p>\n

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

 <\/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 our previous article, we looked into the rule prohibiting the conclusion of contracts with the SA and carrying out transactions on its behalf. We are referring to the contracts and transactions that take place between the SA on the one hand and the members of the Board of Directors (or related parties) on the […]<\/p>\n","protected":false},"author":5,"featured_media":48597,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[52,53,95,110,1189,335,1219,1217,1220,1228,1216,1215,1218,519],"class_list":["post-48596","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-board-members","tag-board-of-directors","tag-conflict-of-interest","tag-corporate-governance","tag-greek-corporate-law","tag-law-4548-2018","tag-listed-companies","tag-minority-shareholders","tag-non-listed-companies","tag-ordinary-related-party-transactions","tag-related-parties","tag-related-party-transactions","tag-shareholder-protection","tag-societe-anonyme"],"acf":[],"yoast_head":"\nOrdinary Related Party Transactions in an S.A. - KOUMENTAKIS<\/title>\n<meta name=\"description\" content=\"Ordinary related party transactions in an S.A.: when transactions with Board members and related parties are permitted without prior approval.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koumentakislaw.gr\/en\/articles\/ordinary-related-party-transactions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ordinary Related Party Transactions in an S.A. - KOUMENTAKIS\" \/>\n<meta property=\"og:description\" content=\"Ordinary related party transactions in an S.A.: when transactions with Board members and related parties are permitted without prior approval.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/koumentakislaw.gr\/en\/articles\/ordinary-related-party-transactions\/\" \/>\n<meta property=\"og:site_name\" content=\"Koumentakis & Associates\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-02T07:10:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-28T06:26:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/koumentakislaw.gr\/wp-content\/uploads\/2023\/04\/Koumentakis-and-Associates-symbaseis-me-melh-DS-synallages-Article-Stavros-Koumentakis-01-eng.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1228\" \/>\n\t<meta property=\"og:image:height\" content=\"691\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"\u03a3\u03c4\u03b1\u03cd\u03c1\u03bf\u03c2 \u039a\u03bf\u03c5\u03bc\u03b5\u03bd\u03c4\u03ac\u03ba\u03b7\u03c2\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Stavros Koumentakis\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"10 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/koumentakislaw.gr\\\/en\\\/articles\\\/ordinary-related-party-transactions\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/koumentakislaw.gr\\\/en\\\/articles\\\/ordinary-related-party-transactions\\\/\"},\"author\":{\"name\":\"\u03a3\u03c4\u03b1\u03cd\u03c1\u03bf\u03c2 \u039a\u03bf\u03c5\u03bc\u03b5\u03bd\u03c4\u03ac\u03ba\u03b7\u03c2\",\"@id\":\"https:\\\/\\\/koumentakislaw.gr\\\/en\\\/#\\\/schema\\\/person\\\/b79f628f61af179023579e7abf7f98c0\"},\"headline\":\"SA Contracts With Board Members And Related Parties. 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