{"id":48602,"date":"2023-04-09T10:30:03","date_gmt":"2023-04-09T07:30:03","guid":{"rendered":"https:\/\/koumentakislaw.gr\/articles\/symbaseis-ae-me-melh-ds-kai-syndedemena-merh-adeiodothsh\/"},"modified":"2026-08-28T09:29:14","modified_gmt":"2026-08-28T06:29:14","slug":"related-party-transaction-authorization","status":"publish","type":"post","link":"https:\/\/koumentakislaw.gr\/en\/articles\/related-party-transaction-authorization\/","title":{"rendered":"Contracts and Transactions With Board Members and Related Parties: Authorization"},"content":{"rendered":"

In our previous article<\/strong><\/a>, we were concerned with the rule prohibiting SA transactions with members of the Board of Directors and related parties. We were also concerned with its exceptions (e.g. current <\/strong><\/a>transactions<\/strong><\/a>, other exceptions<\/strong><\/a>)<\/strong><\/a>. However, many transactions do not fall under these exceptions. Transactions subject to the rule (:prohibition) – but not to the exceptions, can be carried out, subject to their (intra-company) authorization and disclosure. This article is about them.<\/p>\n

 <\/p>\n

Conditions of Validity<\/strong><\/p>\n

The aforementioned authorization and disclosure (art. 100 and 101 of Law 4548\/2018) presupposes (cumulatively): (a) the granting of a license by the competent corporate body (the Board of Directors – as a rule), (b) the preparation of an evaluation report (fairness opinion) in the case of SA with shares listed on a regulated market and (c) compliance with the publicity formalities (see in this regard, Memorandum of law 4548\/2018 on article 100). We will focus, here, on the first condition.<\/p>\n

 <\/p>\n

Competence<\/strong><\/p>\n

Competence of the Board of Directors<\/strong><\/p>\n

The legislator, for the legal conclusion of contracts (including the provision of guarantees and securities) between the SA and persons connected with it, established a series of (uniform) procedural conditions. Of primary importance, among them, is the granting of a special license by the competent corporate body (in principle the Board of Directors of the SA- art. 100 \u00a71).<\/p>\n

At this point, the most important -perhaps- (from a substantive and operational point of view) differentiation of the new law on SAs in relation to the previous regime can be found. The previous law (art. 23a of the law 2190\/1920), foresaw that the granting of the license in question was left exclusively to the General Assembly. In fact, it was not possible to assign this specific power not even to the Board of Directors with the SA statute.<\/p>\n

By delegating this specific authority to the Board of Directors, a more effective, faster and simpler control of the relevant transactions is achieved (: Memorandum to law 4548\/2018 on article 100): (a) due to the responsibility of the members of the Board towards the company (as opposed to the shareholders, who are liable only as an exception), (b) due to the prohibition, in the event of a conflict <\/strong><\/a>of <\/strong><\/a>interest<\/strong><\/a>, of participating in the voting of a member of the Board of Directors who is linked (directly or indirectly) to the disputed contract\/transaction and, finally, (c) because the decision-making process in the Board of Directors is quicker and simpler than that of the General Assembly. After all, the Board of Directors, as the management body of the SA, is the most competent to rule on the necessity and also the benefit for the company of entering into each contract\/transaction.<\/p>\n

The decision for the granting of the authorization for entering into contracts\/transacting with related parties is exclusively taken by the Board acting collectively<\/strong><\/a>. There is, therefore, no possibility of further delegating the relevant authority (e.g. to a substitute <\/strong><\/a>body <\/strong><\/a>or <\/strong><\/a>an executive committee <\/strong><\/a>\u2013 <\/strong><\/a>art. 100 \u00a72).<\/p>\n

After the Board of Directors grants the relevant permission, the decision must be published in the Business Registry (art. 101, as will be analyzed in our next article). The deadlines for special rights of the minority of shareholders launches on the day of said publication, as analyzed below (art. 100 \u00a73).<\/p>\n

Extraordinary Competence of the General Assembly<\/strong><\/p>\n

Cases<\/u><\/p>\n

The legislator did not completely exclude the General Assembly from the authorization process. In some exceptional cases, the decision to grant the above-mentioned special permit is left to the highest body of the SA (art. 100 \u00a72).<\/p>\n

The position of the relevant issue before the shareholders is imposed, in these cases, due to the impossibility of absolute safeguarding of the interests of the company, and in particular of the minority shareholders, by the administrators of the SA.<\/p>\n

In particular, the decisive authority is assigned to the General Assembly:<\/p>\n

(a) If it is impossible for the Board of Directors to make a decision due to the existence in the person of a member (and\/or members) of a conflict<\/strong><\/a> of<\/strong><\/a> interests<\/strong><\/a> with the company (art. 100 \u00a72 section b in combination with art. 97 \u00a73).<\/p>\n

The case in question occurs when (cumulatively): (i) a member (or members) of the Board of Directors (or a person connected with it, e.g. a member of their family or a company of their interests) is the counterparty of the company in the disputed transaction and (ii) there is an inability to vote, due to the previous (under i) condition, which results in the remaining members not being sufficient to form a quorum in order to make a decision.<\/p>\n

In the above cases, the decision to authorize or not the disputed transaction must, from the outset, be submitted to the General Assembly.<\/p>\n

(b) In case of request by shareholders representing at least 5% of the share capital.<\/p>\n

This case occurs when a relevant request is submitted within ten days from the date of publication in the General Assembly of the announcement of the Board of Directors, mentioned above, regarding the granting of a license (art. 100 \u00a73). In this way, a special\/protective right of the minority of shareholders is established. A practical consequence of its exercise is the obligation of the initially competent Board of Directors to refer the relevant issue for approval to the General Assembly.<\/p>\n

In the event of a refusal by the Board of Directors to convene the General Assembly, the latter (: General Assembly) may be convened after judicial order (that is, what applies under art. 141 \u00a71: convening of the General Assembly following a request by the minority of 5 %). Finally, if a General Assembly has already been convened, the Board of Directors that convened it must, following a relevant request, add the authorization issue to its agenda (art. 141 \u00a72).<\/p>\n

The specific percentage of 5% can be reduced to 1% of the share capital – provided, however, there is a relevant statutory provision.<\/p>\n

Approval, as a result, for a transaction with a related party, for which permission was granted by the Board of Directors, is considered definitively valid only after the aforementioned 10 days have elapsed. Alternatively, from the written statement of all the shareholders to the SA that they do not intend to request the convening of the General Assembly or, finally, from obtaining permission from the General Assembly (art. 100 \u00a73 in fine).<\/p>\n

In any case, even if the contract is concluded after the permission of the General Assembly, its modifications may, in principle, be made with the permission of the Board of Directors (art. 100 \u00a76). It is not excluded, however, that the General Assembly was reserved in terms of maintaining competence for them as well.<\/p>\n

Competent General Assembly & Majorities<\/u><\/p>\n

The competent General Assembly for the provision of the above license are any type of General Assembly (regular or extraordinary). It is sufficient that it has been legally convened (eg as an unsolicited general assembly). Also, it can be held without a meeting (art. 135) or, simply, by signing minutes (art. 136).<\/p>\n

The authorization decision is taken by a simple quorum and a majority of the shareholders.<\/p>\n

It is pointed out, however, that the granting of a license can be “blocked” by minority shareholders of the share capital represented at the respective General Assembly. However, this will be discussed in our next article.<\/p>\n

Shareholder Participation Right<\/u><\/p>\n

Excluded from voting at the General Assembly (in which the authorization issue was resolved) are those shareholders for whom a conflict of interest situation arises, in terms of the disputed transaction (no. 100 \u00a75 paragraph a’). The said exclusion, however, also covers those shareholders who are a related party to the counterparty (not necessarily also a shareholder) of the company in the disputed contract (art. 100 \u00a75 section b).<\/p>\n

It should be noted here that the original wording of the disputed provision, which also included non-listed SAs, was problematic in many ways. We had publicly <\/strong><\/a>expressed <\/strong><\/a>our <\/strong><\/a>strong objections. However, it was amended (art. 49 \u00a77 Law 4587\/2018) after the intervention of the signatory<\/strong><\/a> (among others). Thus, today, the above exclusion from participation in voting from the calculation of quorum applies to listed companies only (art. 100 \u00a75 par. b’).<\/p>\n

In conclusion: as far as non-listed companies are concerned, there is (no longer) any prohibition on voting for a related party and its related shareholders.<\/p>\n

 <\/p>\n

The Special Condition for the Authorization<\/strong><\/p>\n

The authorizations granted by the competent body must be special. Therefore, it is required that the relevant issue has been raised before the body as a special item on the agenda. That is, to follow separate, in relation to any additional issues, discussion and voting.<\/p>\n

In order to inform the competent body more adequately, the contract\/transaction to be approved must be presented to it before a decision is made. Alternatively: the basic terms and critical (financial and non-financial) elements of the entire transaction.<\/p>\n

In the relevant minutes (:decision) of the competent body, it is important to incorporate all the terms of the (permitted or not) transaction. Alternatively: the reference to a document that includes all its terms (e.g. a contract attached to the body’s decision).<\/p>\n

 <\/p>\n

Duration of Authorization Granted<\/strong><\/p>\n

The validity of the authorization of the competent body is six months from the receipt of the decision (art. 100 \u00a71 para. a\u0384). The time of its publication is irrelevant.<\/p>\n

Despite the explicit mention of the law in a decision of the Board of Directors, the six-month period (it should be accepted that) is also applied in cases where the General Assembly grants authorization.<\/p>\n

In case of “repeated” contracts of the company with the same person, it is possible to provide a single authorization, valid annually, for their realization (art. 100 \u00a71 para. b’). As such should be understood the contracts with the same counterparty, essentially of similar content and object, which are drawn up consecutively and at regular intervals.<\/p>\n

 <\/p>\n

In order to allow the conclusion of a contract\/transaction (prohibited, initially, by law), a series of conditions must be met. Initially: granting of permission by the competent body of the SA – based on the Board of Directors. Failure to (legally) obtain the authorization required by law creates problems on two levels: First, it deprives the concluded contract\/transaction of legitimacy and, subsequently, it creates responsibilities for the persons involved. These problems are not (nor should they be) treated as minor. A series of safeguards have been put in place to safeguard the rights of the SA (of course also of the minority shareholders). Among them: the procedure followed and the majorities required in the General Assembly that will, if necessary, take over the whole matter. About them, however, 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 our previous article, we were concerned with the rule prohibiting SA transactions with members of the Board of Directors and related parties. We were also concerned with its exceptions (e.g. current transactions, other exceptions). However, many transactions do not fall under these exceptions. Transactions subject to the rule (:prohibition) – but not to the […]<\/p>\n","protected":false},"author":5,"featured_media":48603,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[1236,53,95,110,1234,1189,335,1217,1216,1235,1215,1237,1191,519],"class_list":["post-48602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-board-approval","tag-board-of-directors","tag-conflict-of-interest","tag-corporate-governance","tag-general-meeting","tag-greek-corporate-law","tag-law-4548-2018","tag-minority-shareholders","tag-related-parties","tag-related-party-transaction-authorization","tag-related-party-transactions","tag-shareholder-approval","tag-shareholder-rights","tag-societe-anonyme"],"acf":[],"yoast_head":"\nRelated Party Transaction Authorization in an S.A. - KOUMENTAKIS<\/title>\n<meta name=\"description\" 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