{"id":48599,"date":"2023-04-06T10:10:49","date_gmt":"2023-04-06T07:10:49","guid":{"rendered":"https:\/\/koumentakislaw.gr\/articles\/symbaseis-ae-me-melh-ds-kai-syndedemena-merh-exaireseis\/"},"modified":"2026-08-28T09:27:38","modified_gmt":"2026-08-28T06:27:38","slug":"related-party-transaction-exceptions","status":"publish","type":"post","link":"https:\/\/koumentakislaw.gr\/en\/articles\/related-party-transaction-exceptions\/","title":{"rendered":"SA Contracts with Board Members and Related Parties. The exceptions"},"content":{"rendered":"

In our previous article, we were concerned with the rule prohibiting the conclusion <\/strong><\/a>of <\/strong><\/a>contracts with the SA <\/strong><\/a>and conducting transactions, on its behalf, with members of its Board of Directors (or related <\/strong><\/a>parties<\/strong><\/a>) <\/strong><\/a>. We have already approached one of its several exceptions: that which refers to current <\/strong><\/a>transactions<\/strong><\/a>. Here we will look into the rest: sometimes (seemingly) complicated or uninteresting, but always of particular importance and value for the SA and the persons involved.<\/p>\n

 <\/p>\n

Board Members’ Fees (Director & Executives)<\/strong><\/p>\n

The exceptions mentioned in the introduction include, among others, the conclusion of contracts with the object of the remuneration of members of the Board of Directors. Also, the conclusion of contracts of the general manager and their possible deputy (: on listed companies – art. 110 \u00a71, law 4548\/2018). Accordingly, the conclusion of contracts concerning the administrative officers of the SA, as defined in IAS 24 (: Those, i.e., who have the authority and responsibility for the planning, management and control of the economic entity’s activities, directly or indirectly, and include each of its directors – executive or non-executive. Especially listed companies include their management staff, as long as the application of the remuneration policy has been extended to them by statute – art. 110 \u00a71, which, however, includes – in any case – the general manager and their deputy).<\/p>\n

With regard to the specific categories mentioned immediately above, special, individual regulations apply (those of art. 109-114-see art. 99 \u00a73 para. b) which will concern us, in more detail, in our next article. Briefly: the fees of the members of the Board of Directors in the context of their organic relationship with the company are covered, for non-listed SAs, by a special regulation (: art. 109). The same goes for listed companies (: art. 110-112). Therefore, any parallel special relationships (e.g. their employment contracts with the SA) do not fall under the relevant exception and fall under the basic regulatory scope of their conclusion, subject to conditions (art. 99 et seq.).<\/p>\n

 <\/p>\n

Transactions of Credit Institutions<\/strong><\/p>\n

Additional exception to the rule prohibiting the conclusion of contracts with the SA and carrying out transactions, on its part, with members of its board (or related parties). constitute contracts entered into by credit institutions on the basis of measures intended to safeguard their stability. For these, prior approval of the competent body responsible for prudential supervision is required (art. 99 \u00a73 par. c).<\/p>\n

The purpose of this exemption is to pursue the systemic stability of the financial markets. The specific approval procedure is simpler and shorter compared to the basic one established for common cases (the one established by art. 99 et seq.).<\/p>\n

 <\/p>\n

SA Contracts With Its Shareholders<\/strong><\/p>\n

Another exception is set, subject to conditions, regarding the contracts that the SA enters into with its shareholders. However, the content of this exception is not a particularly common case. That of concluding contracts between the SA and, exclusively, with all of its shareholders and the same terms for all (art. 99 \u00a73 par. d’).<\/p>\n

Respecting, therefore, the principle of equal treatment, there is no scope for discretionary treatment between shareholders. Neither, therefore, do, in this context, issues of preferential treatment of the persons falling under the concept of connected parties arise. It is therefore not necessary to apply the procedural conditions provided for the conclusion of SA contracts with related parties.<\/p>\n

Therefore, contracts, indicatively, of providing free services (medical, and not only) from the company to its shareholders are entirely permissible. It is enough, of course, that they align with (and do not affect) the corporate interest.<\/p>\n

 <\/p>\n

SA Contracts With Its Subsidiary<\/strong><\/p>\n

The procedural conditions for the permissibility of transactions with related parties do also not apply in cases of entering into contracts between the parent company and its subsidiary. These cases are explicitly listed (about them immediately below). They apply if the parent company is listed. They also apply in the event that the parent company is not listed, provided there is a relevant statutory provision (:prohibition rule – art. 99) which has extended such prohibition to its subsidiaries (art. \u00a72 par. c\u0384).<\/p>\n

In the above context, transactions (and contracts for the provision of collateral and guarantees) of the SA (art. 99 \u00a73 par. e) are excluded from the introductory prohibitive rule: (a) with an one hundred percent (100%) subsidiary or (b) a subsidiary, in which no related person participates (or, in the most correct view, the participation of any related person is insignificant). This is because there is no risk of serving the personal interests of third parties in the light of the above. There is therefore no question of jeopardising the assets of the parent company or, logically, its shareholders. Also excluded are (c) contracts of the SA with a subsidiary or provision of collateral or guarantees in favour of a subsidiary, which are concluded or provided in the interest of the SA, its subsidiary and their shareholders who are not related parties, including minority shareholders, or from which their interests are not endangered (art. 99 \u00a73 par. f).<\/p>\n

As, rightly, it is argued, the last, under c, exception concerns transactions between a parent company and a subsidiary, as long as the latter involves a related party of the parent company. Otherwise, the aforementioned exceptions under (a) or (b) would apply.<\/p>\n

The relevant, under (c), legislative provision has received the criticism of the theory (which, however, escapes the present).<\/p>\n

 <\/p>\n

Transactions of the First Two Years Since the Incorporation of the Company<\/strong><\/p>\n

From the basic regulatory scope of application of article 99 (:prohibitory rule), the SA’s transactions with specific persons (incl.: board members, shareholders representing a percentage greater than 1\/20 of the paid-up capital, close family members and related parties), which are concluded within the first two years of its establishment. It is assumed that the object of the transaction is the acquisition of any asset, with a price higher than 1\/10 of the paid-up capital (art. 99 \u00a73 g\u0384).<\/p>\n

These transactions are, in principle, prohibited and absolutely void. They are allowed, however, under special conditions. The specific, relevant conditions are specified in a special regulation (art. 19). This provision aims to protect corporate property from persons who, due to their position and status, could usurp it.<\/p>\n

 <\/p>\n

Transactions Upon General Assembly Approval<\/strong><\/p>\n

Finally, from the basic prohibitive rule of entering into contracts and transactions with the SA, the transactions, for which the law requires approval by the General Assembly, are excluded. Provided that the relevant statutory provisions specifically address and adequately protect the fair treatment of all shareholders, the interests of the company and shareholders who are not related parties – including minority shareholders (art. 99 \u00a74).<\/p>\n

The above exception includes, among others: the increase of share capital <\/strong><\/a>and <\/strong><\/a>the taking up of new shares after exercising the right of pre <\/strong><\/a>– <\/strong><\/a>emption <\/strong><\/a>by a shareholder.<\/p>\n

 <\/p>\n

The rule prohibiting transactions with members of the Board of Directors and related parties has been put in place, and rightly so, to safeguard the SA, its counterparties and, in particular, the minority shareholders. Given the strictness of this particular rule and the problems that it, being absolutely rigid, would create, a number of exceptions have been introduced. More important, of course, is the one concerning the current transactions of the SA. The other exceptions, however, are not insignificant. These are likely to be related to the already guaranteed interest of the SA and the lack of any risk for their realization. However, it is possible that, due to their nature, they are included in special and specially adapted rules. However, it is important to point out, once again, that any attempt to circumvent the (basic) prohibition rule and its exceptions gives rise to not negligible responsibilities of the persons involved.-<\/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 were concerned with the rule prohibiting the conclusion of contracts with the SA and conducting transactions, on its behalf, with members of its Board of Directors (or related parties) . We have already approached one of its several exceptions: that which refers to current transactions. Here we will look into […]<\/p>\n","protected":false},"author":5,"featured_media":48600,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[53,1230,95,110,1233,1234,1189,335,1217,1216,1229,1215,1231,519,1232],"class_list":["post-48599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-board-of-directors","tag-board-remuneration","tag-conflict-of-interest","tag-corporate-governance","tag-credit-institutions","tag-general-meeting","tag-greek-corporate-law","tag-law-4548-2018","tag-minority-shareholders","tag-related-parties","tag-related-party-transaction-exceptions","tag-related-party-transactions","tag-shareholder-transactions","tag-societe-anonyme","tag-subsidiary-transactions"],"acf":[],"yoast_head":"\nRelated Party Transaction Exceptions in an S.A. - KOUMENTAKIS<\/title>\n<meta name=\"description\" content=\"Related party transaction exceptions in an S.A., including Board remuneration, shareholder and subsidiary transactions, credit institutions and General Meeting 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\/related-party-transaction-exceptions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Related Party Transaction Exceptions in an S.A. - KOUMENTAKIS\" \/>\n<meta property=\"og:description\" content=\"Related party transaction exceptions in an S.A., including Board remuneration, shareholder and subsidiary transactions, credit institutions and General Meeting approval.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/koumentakislaw.gr\/en\/articles\/related-party-transaction-exceptions\/\" \/>\n<meta property=\"og:site_name\" content=\"Koumentakis & Associates\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-06T07:10:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-28T06:27:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/koumentakislaw.gr\/wp-content\/uploads\/2023\/04\/Koumentakis-and-Associates-symbaseis-me-melh-DS-exaireseis-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=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/koumentakislaw.gr\\\/en\\\/articles\\\/related-party-transaction-exceptions\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/koumentakislaw.gr\\\/en\\\/articles\\\/related-party-transaction-exceptions\\\/\"},\"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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