{"id":48605,"date":"2023-04-22T11:56:43","date_gmt":"2023-04-22T08:56:43","guid":{"rendered":"https:\/\/koumentakislaw.gr\/articles\/symbaseis-kai-synallages-me-melh-ds-adeiodothsh\/"},"modified":"2026-08-28T09:31:47","modified_gmt":"2026-08-28T06:31:47","slug":"related-party-transaction-approval","status":"publish","type":"post","link":"https:\/\/koumentakislaw.gr\/en\/articles\/related-party-transaction-approval\/","title":{"rendered":"Contracts and Transactions With Board Members and Related Parties: Authorization"},"content":{"rendered":"

In our previous article<\/strong><\/a>,\u00a0 we were concerned with the <\/a>process <\/a>of granting permission for the conclusion of SA transactions with members of the Board of Directors and related <\/strong><\/a>parties <\/strong><\/a>(<\/a>art. 100 of Law 4548\/2018). More precisely, with the bodies of the SA responsible for granting the authorization and the validity of such. In the present article we will look into the individual stages of the entire process, its finalization, the consequences of possible violations and, finally, the (possible) ex post approval of a contract\/transaction concluded (prematurely and illegally), with a member of the Board of Directors\/related party.<\/p>\n

 <\/p>\n

Licensing Stages<\/strong><\/p>\n

The Finality of the Decision on the Authorization<\/strong><\/p>\n

We have already established <\/u>that the Board of Directors is chosen by law as, in principle, the competent body of the SA for granting a license to trade\/contract with a member of the Board of Directors\/related party. Exceptionally, however, in some cases, the General Assembly becomes competent.<\/p>\n

(a) Direct Competence of the Board of Directors: This is the (unique) case of a conflict of <\/strong><\/a>interest <\/strong><\/a>among <\/strong><\/a>members of the Board of Directors (who is called upon to approve the disputed contract\/transaction) and the impossibility of making a decision due to the quantitative insufficiency of the remaining members to form a quorum (art. 100 \u00a72, in conjunction with art. 97 \u00a73 section b’). The request for authorization is then referred, directly by law, to the General Assembly. The relevant (approving) decision of the General Assembly produces, immediately, definitive consequences.<\/p>\n

(b) Competence, in principle, of the Board of Directors and, subsequently, of the General Assembly: The immediately preceding case in which the matter of granting (or not) permission to enter into a contract\/transaction is brought directly before the General Assembly is unique. In any other case, the specific issue will have previously been passed by the (mandatorily) competent BoD. There are two possibilities: Either the (negative or positive) decision of the Board of Directors becomes final, or the General Assembly takes over afterwards.<\/p>\n

Upon a negative decision of the Board of Directors, there is no possibility of intervention by the General Assembly. The decision of the Board of Directors not to grant permission to enter into a contract\/transaction with a related party is final.<\/p>\n

Upon a positive decision of the Board of Directors, the (requested) permission to enter into a transaction with a member of the Board of Directors or a related party is granted. Its validity, however, is subject to the suspensory clause:<\/p>\n

The expiration of the ten-day deadline (from its publication-announcement in the Business Registry). Within this deadline, shareholders representing 5% of the share capital (or up to 1% of it – as long as the articles of association entail a relevant provision) retain the right to request the convening of the General Assembly, in order for it to finally decide on the provision (or not) of the requested authorization (art. 100 \u00a73 sub. a’). The licensing process is completed, in this case, in two stages. It is the General Assembly that will decide, definitively, on the specific matter. Alternatively:<\/p>\n

The written statement of the shareholders that they do not wish the convening of the General Assembly and the rejection of the requested permission by the latter. This declaration can be made before the publication of the decision of the Board of Directors, in which case the final authorization of the crucial contract\/transaction will simply be announced.<\/p>\n

Liability of Shareholders<\/strong><\/p>\n

Any related liability of the Board members is also affected by the process of approval (or rejection) of the requested transaction.<\/p>\n

In any case of granting permission by the General Assembly, no responsibility can be assigned to the members of the Board of Directors. Any (theoretical) responsibility can be borne by no one else, apart from the shareholders.<\/p>\n

However, any inaction of the shareholders to cooperate in a General Assembly following a relevant invitation by the Board of Directors, should not, in the opinion we also adopt, imply a mitigation of the liability of its members towards the SA (under the conditions of art. 102).<\/p>\n

 <\/p>\n

Right of Objection of Minority Shareholders<\/strong><\/p>\n

In the event that the granting of permission to enter into a transaction with a member of the Board of Directors\/related party or the subsequent approval of an already established transaction (a case which will be analyzed below) is brought before the General Assembly, two distinct – in terms of conditions of their exercise – opposition-veto rights of the minority of shareholders are recognized (art. 100 \u00a7\u00a74 and 5) – already provided by the previous law (see art. 23a \u00a7\u00a73 and 4 of Law 2190 \/1920).<\/p>\n

Objection means, exclusively, voting against the relevant authorizing (or approving) decision. However, in the sense of the law, the mere expression of an opposing opinion, any reservation, abstention from voting or a blank vote does not constitute opposition. In case of a positive decision (overvote), no objection is recognized.<\/p>\n

In particular, both on listed and non-listed SAs, in the event that the General Assembly is called as a competent body (instead of the Board of Directors), in order to grant any authorization, the granting of such authorization is canceled if shareholders representing 1\/3 of the share capital object (Art. 100 \u00a75).<\/p>\n

A smaller minority percentage is required in the event that the General Assembly is called upon to subsequently approve an already established transaction. In this case, shareholders representing 5% of the share capital (with the possibility of reducing the required percentage up to 1% with a relevant provision in the statute) have the possibility to cancel, or otherwise “block”, the validity of an otherwise legally taken (: by simple quorum and majority, see art. 132) decision of the Board of Directors (art. 100 \u00a74).<\/p>\n

It is therefore understood that the opposition of the minority (where provided for) does not affect the validity of the decision taken by a simple majority. On the contrary, it strips it of legal consequences and results. It should be pointed out, however, that the results of the approval decision are preserved and the transaction is legally carried out, if a case of abusive exercise of the rights of the minority is brought before a court (art. 281 Civil Code).<\/p>\n

 <\/p>\n

Violation of the Authorization Procedure: Legal Consequences<\/strong><\/p>\n

Adherence to the mechanisms provided by the law for intra-corporate granting of permits and publicity are above the prohibition of entering into contracts and transactions between the SA, the members of the Board of Directors and the related parties.<\/p>\n

It seems, therefore, a logical consequence of the nullity of such (prohibited in principle) contracts\/transactions, which were concluded in violation of the legally prescribed licensing procedure (besides: according to art. 99 \u00a71 “the conclusion of any contracts of the company with the persons of par. 2 of art. 99…”). And this is because the Greek legislator, utilizing the full discretion granted by the EU legislator (see art. 9c Directive 2007\/36\/EC, as introduced by virtue of the 2017\/828\/EU Directive), provided for nullity as the basic legal and absolute result, according to art. 174 of the Civil Code. Therefore, anyone with a legitimate interest can invoke it. At the same time, however, it is (also) taken into account ex officio by the court.<\/p>\n

In the event of invalidity, depending on whether or not the disputed contract\/transaction with the related party has been executed, as well as its nature and type (e.g. promissory note or sale, causative or non-causative) the obligations of the contracting parties are formed on both sides. In summary: (it should be mentioned that) in case of execution, contrary to the law, of the contract\/transaction in question, an obligation for liquidation arises, which results in the return of the benefits received from either side (provided that these can, by their nature, be returned).<\/p>\n

Finally, it is not excluded that – in accordance with Law 4548\/2018 – criminal sanctions may (also) arise against those persons who enter into a transaction contract with a member of the Board of Directors\/related party without the required licenses and publicity (see art. 179 \u00a71). The penalty, however, is waived in the event of subsequent approval, for which see immediately thereafter.<\/p>\n

 <\/p>\n

Subsequent Approval of (Illegally) Realized Transactions<\/strong><\/p>\n

A particular legal issue is the possibility of retrospectively approving an already established transaction of the SA with a member of the Board of Directors\/related party. This is an issue that (continues to) trouble, under the current legislative regime as well, theory and jurisprudence.<\/p>\n

It is not a rare phenomenon that the authority responsible for granting a license is called upon to decide on the fate of an already concluded transaction with a related party for which, however, the conditions of the law were not met.<\/p>\n

The specific case is regulated, specifically, in the law (\u00a74 art. 100 and includes – under the applicable law – all kinds of transactions – including the provision of guarantees and securities). On the basis of the grammatical interpretation of the said provision, it is concluded that the subsequent approval of the transactions is left, exclusively, to the General Assembly. In any case, however, this possibility should be examined in light of the respective stages of the licensing process, as analyzed above.<\/p>\n

(a) Drafting of a contract\/transaction following the permission of the Board of Directors before the fulfillment of the procedural requirements (art. 100 \u00a73 paragraph c): As already analyzed above, the Board of Directors has the possibility to decide on the -always valid- granting of permission to enter into a contract\/transaction with a member of the Board of Directors\/related party. This, however, is initially subject to a suspensory condition (until the 10-day deadline has passed).<\/p>\n

It is possible, however, after the granting of permission by the Board of Directors and before the possible granting of permission by the General Assembly (if the case in question is brought before it), for the SA to enter into\/make the disputed contract\/transaction.<\/p>\n

In this case it is provided (art. 100\u00a74) that: “if until permission is granted by the General Assembly, the contract of paragraph 1 of article 99 has already been concluded or the guarantee or security has been provided, then the granting of the permission by the General Assembly is cancelled, if it is opposed by shareholders representing 1\/20 of the capital represented at the meeting…”.<\/p>\n

The General Assembly, therefore, has the possibility, in this case, to approve, after the fact, the already established contract\/transaction. It is sufficient that shareholders representing the legal or statutory (up to 1%) percentage of the capital do not object. In the event of such an objection, the requested authorization is definitively rejected.<\/p>\n

A consequence of the subsequent approval is the retroactive (from the time of preparation) strengthening of the contract\/transaction. It is argued (and correctly) that the retroactive enforcement of the contract\/transaction should occur in one more case: that of the conclusion of the contract\/transaction without the 10-day period, within which the minority shareholders are entitled to refer the matter to the General Assembly. Failure to do so within the said 10-day deadline will retroactively enforce the concluded contract\/transaction.<\/p>\n

(b) Drawing up a contract\/transaction without the prior permission of the exclusively competent General Assembly: In this case (: of the conflict of interests <\/strong><\/a>– art. 100 \u00a72 section b’ in conjunction with art. 97 \u00a73 section b’), responsible for the granting of authorization is exclusively the General Assembly – before the conclusion of the contract\/transaction.<\/p>\n

However, as long as the contract\/transaction is concluded, without the prior permission of the General Assembly, it is possible to approve it later (according to art. 100\u00a74-by application by analogy or teleological expansion). In this case as well, what was developed immediately above (under a) applies.<\/p>\n

(c) Entering into a contract\/transacting without a prior permission of the Board of Directors: As we have already pointed out, the authority for granting authorizations belongs, in principle, to the Board of Directors, which decides collectively<\/strong><\/a>. <\/u><\/strong>This authority cannot be further delegated <\/strong><\/a>(<\/a>art <\/a>. 100 \u00a72 section a\u0384). It is possible, however, that a substitute body of the Board, without the latter’s prior permission, enters into a contract\/transaction with a related party.<\/p>\n

The lack of a decision by the Board of Directors to grant authorization to enter into the specific contract\/transaction cannot be made up for by the subsequent approval of the non-competent General Assembly in the first stage. In this case \u00a74 of art. 100 applies.<\/p>\n

Does the Board of Directors have the ability to subsequently approve such a contract\/transaction concluded without its permission? It is supported, among other views, that such a retrospectively approving decision by all the shareholders is possible (art. 238 of the Civil Code). Another view supports that the subsequent granting of a license by the Board of Directors for the future – however, is under the condition of compliance with the licensing and publicity process (: art. 100 \u00a7\u00a71 and 3). It would be more correct, on a practical level, to manage such cases individually, when each arises.<\/p>\n

 <\/p>\n

The law provides (and rightly so) a series of conditions for concluding (in the first place prohibited) contracts\/transactions with members of the Board of Directors and related parties. Any circumvention of them not only creates invalidities but also, most importantly, legal burdens for the persons involved. In the majority of cases, however, it is (theoretically) possible to provide the necessary approvals afterwards. But since ex post approval should never be taken for granted, such an expectation (and practice) seems downright dangerous. For listed companies, however, there is an additional condition: that of the evaluation report, for which see 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,\u00a0 we were concerned with the process of granting permission for the conclusion of SA transactions with members of the Board of Directors and related parties (art. 100 of Law 4548\/2018). More precisely, with the bodies of the SA responsible for granting the authorization and the validity of such. In the present […]<\/p>\n","protected":false},"author":5,"featured_media":48606,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[53,95,110,1234,1189,1239,335,385,1217,1216,1238,1215,1237,519,1240],"class_list":["post-48605","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-board-of-directors","tag-conflict-of-interest","tag-corporate-governance","tag-general-meeting","tag-greek-corporate-law","tag-invalid-transactions","tag-law-4548-2018","tag-minority-rights","tag-minority-shareholders","tag-related-parties","tag-related-party-transaction-approval","tag-related-party-transactions","tag-shareholder-approval","tag-societe-anonyme","tag-subsequent-approval"],"acf":[],"yoast_head":"\nRelated Party Transaction Approval in an S.A. - KOUMENTAKIS<\/title>\n<meta name=\"description\" content=\"Related party transaction 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