{"id":48611,"date":"2023-05-02T11:56:52","date_gmt":"2023-05-02T08:56:52","guid":{"rendered":"https:\/\/koumentakislaw.gr\/articles\/symbaseis-kai-synallages-me-melh-ds-diatyposeis-dhmosiothtas\/"},"modified":"2026-08-28T09:37:34","modified_gmt":"2026-08-28T06:37:34","slug":"contracts-board-members-related-parties-disclosure","status":"publish","type":"post","link":"https:\/\/koumentakislaw.gr\/en\/articles\/contracts-board-members-related-parties-disclosure\/","title":{"rendered":"Contracts and Transactions With Board Members and Related Parties: Disclosure Statements"},"content":{"rendered":"

In a series of previous articles<\/strong><\/a> we looked into, from different points of view, the important issue of concluding contracts\/transactions between the SA on the one hand and the members of the Board of Directors\/ related <\/strong><\/a>parties <\/strong><\/a>on the other. However, the law provides for a final step (and a necessary condition) to ensure the legality of concluding such contracts\/transactions: The observance of specific publicity formalities. On them, the present article.<\/p>\n

 <\/p>\n

Publicity of the Authorization Granted<\/strong><\/p>\n

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

The law on SAs clearly (art. 101 \u00a7\u00a72 and 3 law 4548\/2018) specifies the required publicity formalities for the legal completion of the process of entering into transactions of the SAs with board members and related parties. The relevant procedure is run by the Board of Directors (:\u00a72, section a’): “The board of directors announces the granting of permission for the preparation of a transaction either by itself or by the General Assembly, as well as the lapse of the deadline of paragraph 3 of article 100”<\/p>\n

It should be noted here that the Greek legislator proceeded to incorporate (in principle) into the national legal order art. 9c \u00a72 of Directive 2007\/36\/EC (as amended by Directive 2017\/828\/EU). When regulating the Directive, member states should oblige listed SAs to publicly announce significant transactions with related parties – at the latest at the time of completion of each transaction.<\/p>\n

The national legislator, however, expanded the subjective scope of the above regulation. It established, in particular, a mandatory publicity system for all registered and non-registered SAs without exception.<\/p>\n

The national regulation in question (of a procedural nature) (it could be argued that) moves away from the EU objective of simplifying the operation of small and medium-sized companies. And this, because the economic consequences entailed by following the specific (complex) procedure for the SA could not be characterized as of minor significance. In addition: the correctness of the disclosure of the relevant financial transactions for each of the contracting parties of the SA is, rather, debatable.<\/p>\n

However, on the contrary, it highlights the increased weight given, under the current law 4548\/2018, to ensuring (the maximum possible) transparency regarding the transactions in question as understandable. After all, and in accordance with what is provided for in the Explanatory Report of the above-mentioned Directive (paragraph 44), it should be ensured that all interested parties (e.g. shareholders, creditors, employees) are adequately informed about the eventualities, at the corporate level, effects of entering into said transactions. In this context, the precise determination of the relationship of the SA with the party connected to it clearly leads to a need for a more complete weighing of the inherent risks. By extension, in a safer judgment about the data and the (potential) dispute of the transaction (also judicially).<\/p>\n

There are, however, significant shortcomings in the monitoring system. A regulatory gap exists, in particular, in terms of publicity e.g. of transactions characterized as “current” <\/u>and which, in principle, are exempt from the formalities required by law (art. 99-101).<\/p>\n

Stages \u2013 Phases<\/strong><\/p>\n

In the national legal order (as opposed to the EU) a complex authorization system is provided for. Basically, the Board of Directors and sometimes (also) the General Assembly are involved in this. By extension, a double system of publicity is followed (in the Business Registry).<\/p>\n

(a) First Stage: The Board of Directors is requested to make public the granting of permission by it to enter into a contract\/transaction with a related party. From the relevant act, the ten-day period available to the minority shareholders (of 5% or up to 1% if there is a relevant statutory provision) to request the convening of the General Assembly, so that it can decide, definitively, on the specific matter (art. 100 \u00a73). Likewise, the Board of Directors is called upon to announce any final, relevant permission of the exclusively, from the beginning, competent General Assembly (ie: in the event of a conflict of interests – therefore no further stage follows).<\/p>\n

(b) Second Stage: In the second stage, the finalization of the above (conditional) authorization is made public. The Board of Directors announces either: (i) the granting of (final) permission by the General Assembly (if the matter in question is brought before it by the minority shareholders) or (ii) the expiration of the aforementioned ten-day deadline. In these cases the (conditional) permission of the Board of Directors is finalized and produces legal consequences.<\/p>\n

It is at this specific point that an important legislative omission is identified. Although the case of the lapse of the ten-day deadline is expressly regulated, the case where “…a written declaration by all the shareholders to the company that they do not intend to request the convening of the General Assembly” is not. (art. 100 \u00a73 in fine). And this even though the said statement of the shareholders brings about the finalization of the permission of the Board of Directors. On the basis of the above data, we should consider it necessary to refer to the aforementioned announcement of the Board of Directors.<\/p>\n

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

In contrast to the previous regime, the Board of Directors is no longer obliged to publish the decision itself, either of itself (the Board of Directors), or, exceptionally, of the General Assembly.<\/p>\n

On the contrary, it is sufficient to announce the fact of the taking of the crucial (for the granting of the required authorization to enter into the disputed contract\/transaction) decision by the competent corporate body.<\/p>\n

The minimum content of the communication in question is also specified (art. 101 \u00a73). This includes information: “…(a) as to the nature of the company’s relationship with the related party, (b) the date and value of the transaction…”.<\/p>\n

The information (name\/company name-mainly) of the company’s counterparty is also eminently publishable. The failure of the legislator to include it in the minimum mandatory content of the communication should not (taking into account the spirit of all the relevant regulations) be considered a conscious choice.<\/p>\n

Furthermore, in the necessary content, it is expressly provided that it must include: “…(c) any other information that is necessary to evaluate whether the transaction is fair and reasonable for the company and the persons who are not related parties, including minority shareholders.”.<\/p>\n

In any case, the selection of the elements and data of the transaction, which should be made public, is always based on the corporate interest. Also, the safeguarding of persons who are not related parties (including minority shareholders). The issue of the necessity to list (or not) some information is left to the discretion of the Board of Directors. It will most likely vary from case to case. However, the Board of Directors is required to clearly and accurately set out the basic terms of the approved transaction (such as, for example, on real estate: describe the property to be sold\/purchased, the price and the method of payment).<\/p>\n

With regard to listed companies, the above announcement must be accompanied, further, by the relevant evaluation report (art. 101 \u00a71 and art. 101 \u00a73 section b’). The contract\/transaction drawn up between a party related to the parent company and its subsidiary is also to be published (art. 101 \u00a73 section c\u0384). Publicity formalities are applied, in this case, without prejudice to the rules regarding the disclosure of privileged information [: art. 17 of Regulation (EU) no. 596\/2014 of the European Parliament and Council (L173) (art. 101 \u00a75)].<\/p>\n

Manner & Time of Announcement<\/strong><\/p>\n

The concern of the EU legislator, according to the Explanatory Report of the Directive (: Opinion 44), was the publication of the aforementioned contracts\/transactions in easily accessible media (e.g. on the company’s website).<\/p>\n

In the above context, the Greek legislator, making use of the discretion granted by the EU legislator, chose (and rightly so) the Business Registry as the most suitable and expedient means for the announcement of said transactions. However, objections have been raised due to the safe but time-consuming nature of the service in question.<\/p>\n

In addition, the law specifies the time during which the specific announcement must be made. Without, however, an exact deadline for its implementation. It should, in particular, be published “…before the completion of the transaction” (art. 101 \u00a72 section b’).<\/p>\n

By the term “completion” is meant the “conclusion of transaction”, as mentioned in the Directive. Reasonable concerns are therefore raised: In the necessary minimum content of the announcement is the date of conclusion of the contract\/transaction. Therefore the paradox of stating the date of a non-finally prepared and signed transaction in the announcement, since it was entered into at a time subsequent to the fulfillment of the publicity obligation.<\/p>\n

On the basis of the above data (and in the light of the provision of article 101 \u00a72 paragraph b), the date on which it is planned to be drawn up should be indicated as the date of the transaction.<\/p>\n

The case of the subsequent approval of an already (illegally) concluded transaction is clearly outside the scope of the regulation under consideration. Therefore, publicity will occur after ex-post approval is granted.<\/p>\n

 <\/p>\n

For the legality of concluding, in principle prohibited, contracts\/transactions between the SA and members of its Board of Directors\/related parties, a series of conditions must be fulfilled. The last link in the relevant chain is the publicity of the decisions of the competent bodies. Failure to do so results in invalidity and gives rise to liability. About them, 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 a series of previous articles we looked into, from different points of view, the important issue of concluding contracts\/transactions between the SA on the one hand and the members of the Board of Directors\/ related parties on the other. However, the law provides for a final step (and a necessary condition) to ensure the […]<\/p>\n","protected":false},"author":5,"featured_media":48612,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[52,53,1245,110,1247,1246,1189,335,1219,1217,1216,1244,1215,519],"class_list":["post-48611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-board-members","tag-board-of-directors","tag-corporate-disclosure","tag-corporate-governance","tag-g-e-mi","tag-general-commercial-registry","tag-greek-corporate-law","tag-law-4548-2018","tag-listed-companies","tag-minority-shareholders","tag-related-parties","tag-related-party-transaction-disclosure","tag-related-party-transactions","tag-societe-anonyme"],"acf":[],"yoast_head":"\nRelated Party Transaction Disclosure in an S.A.-KOUMENTAKIS<\/title>\n<meta name=\"description\" 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