{"id":48620,"date":"2023-05-28T12:04:48","date_gmt":"2023-05-28T09:04:48","guid":{"rendered":"https:\/\/koumentakislaw.gr\/articles\/efthynh-melon-ds-etairikh-agogh\/"},"modified":"2026-08-28T09:44:55","modified_gmt":"2026-08-28T06:44:55","slug":"board-member-liability-corporate-lawsuit","status":"publish","type":"post","link":"https:\/\/koumentakislaw.gr\/en\/articles\/board-member-liability-corporate-lawsuit\/","title":{"rendered":"Responsibility of Board Members: Corporate Lawsuit"},"content":{"rendered":"

In our previous article we examined the responsibility of the members of the Board of Directors and the relevant conditions<\/strong><\/a>. Also, the grounds for their exemption <\/strong><\/a>and for the company\u2019s waiver of its relevant rights.<\/p>\n

However, if, in the end, the responsibility of a member of the Board of Directors is established, the Board of Directors “has the obligation to promptly, fully and diligently exercise the claims of the company…weighing the corporate interest”. This is exactly the obligation that will concern us in the present article: the filing of the relevant corporate lawsuit.<\/p>\n

 <\/p>\n

General Remarks \u2013 Scope of the Provision<\/strong><\/p>\n

Often, during the operation of the SA, its interests and corporate property are at stake. (By extension, the interests of its shareholders and corporate creditors). It is considered necessary, therefore, to ensure the pursuit of any claims it may have against third parties. The competent body is none other than the Board of Directors and any of its substitute bodies <\/strong><\/a>(art. 87 law 4548\/18).<\/p>\n

In order to ensure the realization of the company’s claims arising from a breach of duty by a member of the Board of Directors, it was deemed appropriate by the legislator to specify and shield the specific rule. It is noteworthy, in fact, that absolute discretion was not given to the Board of Directors to decide (or not – for any reason) to pursue the specific claims.<\/p>\n

It is a given that the exercise of corporate action falls, in principle, under the competence of the Board of Directors, which, however, must exercise it in a manner consistent with the corporate interest (Article 103). The Board, therefore, will be asked to weigh various factors to determine whether, in fact, the company is going to benefit from the initiation of a corporate action. In any case, the Board of Directors decides exactly what to do, bearing the same risk (see Memorandum to Law 4548\/2018 on Art. 103). Article 103, as well as articles 104-106, complete, from a procedural point of view, the provision on the liability of the members of the Board of Directors (art. 102).<\/p>\n

 <\/p>\n

Procedural Issues<\/strong><\/p>\n

In the event of a corporate action, the subject of the relevant trial will be the request for compensation for the damage suffered by the company due to breach of duty by (current-former) members of the Board of Directors (art. 102 \u00a71). The corporate action is heard according to the regular procedure.<\/p>\n

This action, however, should not be confused with the shareholders’ request for the appointment of a special representative in the event that the Board is inactive. In this specific trial (art. 105), the presence of the conditions for the relevant appointment for the purpose of the corporate action is checked (: an issue that will concern us in our next article).<\/p>\n

Competent for all corporate disputes, and therefore also for the corporate action in question, is the Single-Member Court of First Instance of the company’s registered office (art. 3 \u00a71).<\/p>\n

 <\/p>\n

Content of the Provision<\/strong><\/p>\n

Discretionary Authority of the Board of Directors to File a Corporate Lawsuit<\/strong><\/p>\n

Competent to decide, regarding the filing or not of the corporate action is (as already mentioned) the Board of Directors. This is, after all, consistent with the fact that the Board of Directors is the body responsible for managing corporate property (art. 86 \u00a71). It goes without saying that the competence of the Board of Directors applies regardless of the degree of fault of the member of the Board of Directors responsible for the damage.<\/p>\n

The specific competence of the Board of Directors was accepted in theory under the previous regime as well – even though this did not arise directly from the law (art. 22b of law 2190\/1920). However, in a series of decisions (which have been criticized for this by the legal theory), it was accepted that the board can bring a corporate action of its own accord only if it is established that the company’s loss was due to “…acts of the board member due to fraud.” (entered : 5\/2015 Plenary Session of the Supreme Court, NOMOS Legal Database). In cases of negligence, a GA decision or submission of a request by the minority of shareholders (amounting to 1\/10 of the paid-up share capital) was required.<\/p>\n

Corporate Interest<\/strong><\/p>\n

A limit to the discretion of the Board of Directors to decide whether or not to pursue legal action against the offending member is the interest of the company. Demonstrating the required diligence in the handling of corporate affairs, the Board of Directors must judge whether to bring the corporate action, the time of bringing it, its object, etc.<\/p>\n

First of all, it has an obligation to identify if there is damage to the company and which members of the Board of Directors (substitutes and\/or third parties) are responsible. Then, it has to weigh various factors to make the best decision for the company. E.g. the cost of the trial, the likelihood of success, the evidentiary difficulties, the possible effects on the clientele and so on.<\/p>\n

The memorandum to the law on article 103, clarifies the relative obligation of the Board. In particular, it mentions cases in which the corporate interest dictates that the corporate action should not be brought. As, in particular, it states: “indeed, the corporate interest may under the circumstances of the specific case obviously oppose the exercise of the claims, if the comparison of benefit and loss is negative, e.g. when there is a risk of intense negative publicity to the detriment of the company, or the consumption of its efforts and resources in a long-term and dubious outcome legal battle, especially in view of the insolvency of the opposing party, etc. In any case, the Board of Directors decides exactly what to do at its own risk (responsibility), and it must be able to explain why it has not proceeded to exercise the claims.”<\/p>\n

It is obviously necessary for the Board of Directors to weigh the corporate interest and also to evaluate the legality of the exercise or not of the company’s claims. However, all of this will be judged, reasonably, based on the data that were valid at the time of the decision for the pursue (or not) of the corporate action (see Memorandum on art. 103).<\/p>\n

Binding Jurisdiction<\/strong><\/p>\n

The only case of limited competence of the Board of Directors regarding the exercise of the corporate action is the case which is preceded by a written request of the majority of the shareholders for the exercise of the corporate action (art. 104 \u00a74). In the present case, the Board of Directors is obliged to bring a corporate action without delay and without, in fact, carrying out any cost-benefit weighing.<\/p>\n

This provision limited the range of corresponding cases provided for under the previous regime.<\/p>\n

Responsibility of Board Members<\/strong><\/p>\n

A question arises as to the responsibility of the Board of Directors from the non-observance of the obligation of “timely, complete and diligent exercise of the company’s claims…weighing the corporate interest.”.<\/p>\n

In the event that the Board of Directors exceeds the limits of its discretion, it is liable (according to Art. 102). Unless it cites the reasons and proves that not pursuing the corporate action is a preferable option for the company. The Board of Directors, in this case, will resort to the evidentiary facilities of the business judgement rule.<\/p>\n

Furthermore, it is accepted by the theory, that in this case the BoD does not have the possibility to plead that it acted by virtue of a previous decision of the General Assembly, in which case to be relieved of its responsibility. This is because the provision of article 103 sec. a’ is more specific and therefore takes precedence over the provision of article 102 par. 4 sec. a. At the same time, if the opposite is accepted, there would be a circumvention of the provision that sets strict conditions for the waiver or compromise of relevant corporate claims (art. 102 \u00a77 section a’).<\/p>\n

Obligation to Provide Explanations for Non-Exercise of a Corporate Action<\/strong><\/p>\n

As expressly provided (in the first place) by Law 4548\/2018, the Board of Directors “must provide the shareholders with explanations for the possible non-exercise of the claims”, which arise by virtue of Article 102 \u00a71 (Art. 103 Sec. b’).<\/p>\n

From the letter of the provision, there is an obligation to provide explanations to all shareholders at the initiative of the Board of Directors – without, i.e., requiring a previous, relevant request from a shareholder. After all, shareholders may be unaware of any arising obligation to provide explanations.<\/p>\n

However, the legislative provision raises questions about its implementation, in particular, from a procedural point of view. Also, regarding the consequences that arise in case of non-compliance with the relevant obligation.<\/p>\n

Although the formalities the relevant document must follow are not made clear, it can take place in the context of a GA. It will not, of course, be a matter on which the General Assembly will be asked to take a decision. It is possible, however, to be discussed, e.g., under titles of GA invitation topics such as: “other topics” or “announcements” (:as is appropriate to add at relevant invitations). It is, of course, reasonably accepted that the provision of explanations outside the General Assembly is not excluded, e.g. via email.<\/p>\n

In the case of non-provision or faulty provision of explanations by the Board of Directors, one can reasonably be asked whether a culpable claim arises in favor of the individual shareholders. It is argued that a relevant claim arises. In any case, however, only when the provision of explanations has been requested from individual shareholders, outside the framework of the General Assembly (otherwise, it will be – as claimed – an expansion of the rights of the minority – art. 141 \u00a7\u00a76-8).<\/p>\n

For the exercise of a lawsuit, with the content of the violation of the obligation to provide explanations, any shareholder is standing to bring relevant proceedings. However, a difference of opinions arises regarding who the defendant is in this case (given, after all, that the Board of Directors as a collective body does not have legal and litigant capacity). In particular, it is argued that the defendants will be, individually, all the consultants and, on the other hand, the company. Fuller protection seems, however, to be provided if it is accepted that both the advisors individually and the company are cumulatively the defendants (simple joint court – art. 74 of the Civil Code).<\/p>\n

As to the adjudication process, the law makes no relevant clarifications. However, as argued, the claim for providing explanations should be heard during the interim measures procedure (according to the application by analogy of art. 141 \u00a78).<\/p>\n

 <\/p>\n

The exercise of corporate action against the offenders (BoD members, subsidiary bodies) falls within the powers and discretion, basically, of the BoD. However, its eventual decision not to file it (where such margins exist) should be taken with an excess of sparing and documentation. The facts differ in the event that the request for the exercise of the corporate action is supported by the minority or, much more, majority shareholders. About them, however, in 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 our previous article we examined the responsibility of the members of the Board of Directors and the relevant conditions. Also, the grounds for their exemption and for the company\u2019s waiver of its relevant rights. However, if, in the end, the responsibility of a member of the Board of Directors is established, the Board of […]<\/p>\n","protected":false},"author":5,"featured_media":48621,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[1222,53,1261,1265,110,112,1226,1266,1253,1225,1189,335,1217,1191,519],"class_list":["post-48620","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-board-member-liability","tag-board-of-directors","tag-business-judgment-rule","tag-corporate-claims","tag-corporate-governance","tag-corporate-interest","tag-corporate-lawsuit","tag-damages","tag-directors-duties","tag-directors-liability","tag-greek-corporate-law","tag-law-4548-2018","tag-minority-shareholders","tag-shareholder-rights","tag-societe-anonyme"],"acf":[],"yoast_head":"\nCorporate Lawsuit Against Board Members in an 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