{"id":48608,"date":"2023-04-27T11:56:49","date_gmt":"2023-04-27T08:56:49","guid":{"rendered":"https:\/\/koumentakislaw.gr\/articles\/symbaseis-kai-synallages-me-melh-ds-ejthesh-aksiologhshs\/"},"modified":"2026-08-28T09:36:12","modified_gmt":"2026-08-28T06:36:12","slug":"contracts-board-members-related-parties-evaluation-report","status":"publish","type":"post","link":"https:\/\/koumentakislaw.gr\/en\/articles\/contracts-board-members-related-parties-evaluation-report\/","title":{"rendered":"Contracts and Transactions With Board Members and Related Parties: Evaluation Report"},"content":{"rendered":"

We have already looked into the authorization process which (must) be followed in case of entering into transactions of the SA with members of the Board of Directors and related parties <\/strong><\/a>(<\/a>art <\/a>. 100 of Law 4548\/2018). We have identified the competent body for granting the relevant authorization<\/strong><\/a> (: in the first place the Board of Directors; <\/a>exceptionally the General Assembly). We focused on the validity and finality of the authorizing decision.<\/u> Also, on the legal consequences <\/u>in case of any deviation from the procedure and steps to be followed. But especially for listed SAs, an additional step should be taken: the control and evaluation of the terms of the disputed transaction. On that, the present article.<\/p>\n

 <\/p>\n

Control Over Transactions: An Evaluation Report<\/strong><\/p>\n

Scope \u2013 Purpose<\/strong><\/p>\n

The evaluation report issue (: fairness opinion) is dealt with, specifically, in the law (art. 101\u00a71). It is provided, specifically, that on SA with shares listed on a regulated market, the decision of the Board of Directors or the General Assembly to grant permission to enter into a contract\/transaction with a related party is taken on the basis of a report by: (a) a certified public accountant or (b) an auditing company or (c) another third party independent of the company. Based on this, it is assessed whether the transaction is fair and reasonable for the company and the shareholders, who are not a related party – including minority shareholders. The report explains the assumptions on which it is based along with the methods used. Related parties must not participate in its preparation.<\/p>\n

With the above regulation, article 9c \u00a73 of Directive 2007\/36 (as the latter was amended pursuant to Directive 2007\/828\/EC) was incorporated into the Greek legal order. As can be deduced from the wording of the law, the Greek legislator preferred that the evaluation report be linked not only to the publicity of the transaction (art. 9c \u00a72 of the Directive) but also, explicitly, to the process of forming and making a decision by the competent body (see art. 101 \u00a71 “…the decision…is taken on the basis of a report…”).<\/p>\n

Furthermore, the above new regulation differs from the previous regime (art. 23a Law 2190\/1920). The differentiation lies in the fact that, for companies with shares listed on a regulated market, the receipt of an evaluation report becomes mandatory (see Memorandum to law 4548\/2018 on art. 101). In the light of listed companies, the relevant obligation is considered to be of major importance. It is intended to enhance internal transparency and to ensure that shareholders who are not related parties (including minority shareholders) are adequately informed about the upcoming transaction. The judgment on the fairness and reasonableness of the transaction is (should be) based on the promotion (or not) of the corporate <\/strong><\/a>interest <\/strong><\/a>.<\/p>\n

Conversely, non-listed SAs are not covered by the scope of the relevant obligation. This is reasonable, after all, if one considers that – especially in closed and small SAs (which make up the vast majority of SAs in Greece) – internal control and information to shareholders is achieved anyway, in a more convenient (but equally effective) way, without further procedures being mandatory; and more importantly, without them being (relatively more) inexpensive.<\/p>\n

Concept<\/strong><\/p>\n

The evaluation report, which we are looking into in the present article, should not be confused with cases in which the Board (sometimes also or the General Assembly) of the SA voluntarily, and without obligation, recruits special consultants to assist its operation (e.g. for the execution of transactions important to the SA that are not concluded with related parties). The request for such specialized advice is basically aimed at proving the non-violation of the duty of diligence and loyalty of the members of the Board of Directors towards the SA.<\/p>\n

On the other hand, the “fairness opinion” of article 100 \u00a71 constitutes, as already noted, an obligation for listed SAs deriving from the law. Of course, it is nothing more than an expression of opinion of an independent (from the company) and impartial body. The special importance attached to the independence of the authors of the evaluation report – and by extension to their objectivity – is inferred from the fact that the legislator clearly defines the persons who can sign it (see Memorandum to law 4548\/2018 on Article 101). A question arises as to whether a statutory auditor or audit firm that carries out the regular audit in the SA is entitled to draw up the report in question. For reasons of ensuring the reliability of the report, it is supported, and rightly so, that those who carry out the regular audit cannot prepare such a report. And this despite the fact that there is no express legislative limitation (corresponding to art. 20 \u00a710). For the same reasons (: objectivity and independence) related parties are expressly excluded from participation in the said report (art. 101 \u00a71 section b)<\/p>\n

Content<\/strong><\/p>\n

The author of the evaluation report is called upon to examine and assess the intended contract\/transaction from a legal (: fair) and financial (: reasonable) point of view. And all this in the light of the SA but also of the shareholders who are not related parties. However, the author is not competent to evaluate the business feasibility, presenting e.g. alternative ways and proposals for its implementation. By extension, they are not entitled to take a stand for or against the related party transaction in question. The specific decision belongs to another body – and indeed exclusively: to the competent corporate body (BoD or, as the case may be, General Assembly), whose decision must be accompanied by the report in question. The validity of the related contract\/transaction with a related party is therefore not affected if it is entered into despite the advice to the contrary of the independent third party.<\/p>\n

The opinion expressed in the report should be thorough and clearly substantiated. To describe (as required by law) the assumptions on which it is based as well as the methods used.<\/p>\n

The specific content and data that must be included in the relevant report are not specified in the law. It must, however, be formulated according to the needs and nature of the intended transaction. It should, at a minimum, include the details of the contracting parties and the connection between them, which requires the activation of the provisions of the law (art. 99 et seq.). Also, the data concerning the transaction and, of course, its value.<\/p>\n

 <\/p>\n

Lack of Assessment Report: Legal Consequences<\/strong><\/p>\n

The (complete) lack of an evaluation report affects the validity of the decision of the Board of Directors or the General Assembly regarding the approval of the transaction under evaluation (since the Greek legislator links it to the approval decision). The authorization that may be granted will suffer in the event that the -mandatory- procedure of receiving a report was omitted (by mistake and\/or intentionally). In this case, consequences arise, by extension, for the contract itself with the related party.<\/p>\n

Discussion, at a theoretical level, takes place if it is about: (a) a procedural defect (it concerns, i.e., the manner in which the decision was made – when Art. 95 \u00a72 is applied, if it is a decision taken by the Board of Directors <\/strong><\/a>or the (respective) art. 137, if the relevant decision was taken by the General Assembly) or (b) a substantial defect (it concerns, i.e., the content of the decision – and therefore renders it invalid – then art. 95 \u00a71 or article 138 is applied, if the Board of Directors <\/strong><\/a>or the General Assembly decides, respectively). From a legal point of view, the one that advocates for the defect in substance is considered more correct. This is because the regulations related to procedural errors concern, exclusively, the operation of the Board of Directors or the General Assembly as corporate bodies.<\/p>\n

A transaction concluded in execution of an invalid, according to the above, decision is, in terms of its validity, in a weathered state. And this is because the intended nullity of the decision is absolute (it can therefore be challenged by anyone with a legitimate interest) it is possible, however, that it may not be challenged within the legal time limits. The contract, therefore, is, to be precise, inactive (without producing legal consequences) until the (by law) prescribed period of time for challenging the invalid decision has passed [that is, 6 months in the case of a Board decision<\/strong><\/a> (<\/a>art . 95 \u00a7 3) or one year in case of General Assembly decision (art. 138 \u00a74)].<\/p>\n

The issue of identifying (substantial) inaccuracies in the evaluation report is different. In this case, it should be accepted that the validity of the decision of the competent body is not affected; therefore, neither is the transaction itself.<\/p>\n

Finally, in both cases (non-existence or material inaccuracies of the evaluation report), issues of internal responsibility of the members of the Board of Directors may arise. As long as the (other) conditions of the law are met.<\/p>\n

 <\/p>\n

The conclusion of contracts and transactions between listed SAs and members of the Board of Directors or related parties are governed by the same procedural conditions as for all SAs. With an additional one, however, for listed companies: the drafting of the evaluation report, which must follow special formalities and have a specific content. Omission of its drafting creates serious responsibilities and invalidities! However, the last step\/condition for validity is the publication of the decision to grant the required authorization – to carry out the transaction in question. About this, 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":"

We have already looked into the authorization process which (must) be followed in case of entering into transactions of the SA with members of the Board of Directors and related parties (art . 100 of Law 4548\/2018). We have identified the competent body for granting the relevant authorization (: in the first place the Board […]<\/p>\n","protected":false},"author":5,"featured_media":48609,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[52,53,110,1241,1242,1189,1243,335,1219,1217,1216,1215,1218,519],"class_list":["post-48608","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-board-members","tag-board-of-directors","tag-corporate-governance","tag-evaluation-report","tag-fairness-opinion","tag-greek-corporate-law","tag-independent-expert","tag-law-4548-2018","tag-listed-companies","tag-minority-shareholders","tag-related-parties","tag-related-party-transactions","tag-shareholder-protection","tag-societe-anonyme"],"acf":[],"yoast_head":"\nRelated Party Transaction Evaluation Report in an S.A. - KOUMENTAKIS<\/title>\n<meta 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