{"id":48623,"date":"2023-06-04T12:04:52","date_gmt":"2023-06-04T09:04:52","guid":{"rendered":"https:\/\/koumentakislaw.gr\/articles\/efthynh-melon-ds-exousia-ton-metohon\/"},"modified":"2026-08-28T09:46:51","modified_gmt":"2026-08-28T06:46:51","slug":"board-member-liability-power-of-shareholders","status":"publish","type":"post","link":"https:\/\/koumentakislaw.gr\/en\/articles\/board-member-liability-power-of-shareholders\/","title":{"rendered":"Liability of Board Members: The Power of Shareholders"},"content":{"rendered":"

Directors <\/strong><\/a>have the capacity <\/u><\/strong>to file corporate <\/a>lawsuits (art. 103, Law 4548\/18), in the event of establishment of liability by <\/strong><\/a>the Board of Directors<\/strong><\/a>. <\/strong><\/a>The exercise of the relevant action falls, in <\/strong><\/a>principle, within the management competence of the latter (<\/strong><\/a>: <\/strong><\/a>Board). The Board of Directors is obliged to exercise it in a manner consistent with the corporate interest. What happens, however, in the event of an inaction or unjustified refusal? What is the power of the minority and what of the majority shareholders? About them, the present article!<\/p>\n

 <\/p>\n

Purpose Of Regulation<\/strong><\/p>\n

As, we already, in our previous article, pointed out, the goal of the legislator is to ensure the realization of the company’s claims, arising from a breach of duty by a member of the Board of Directors. However, this assurance would not prove to be sufficient if the legislative regulations were left exclusively to the discretion of the Board of Directors. In this context (art. 104, law 4548\/18) the relevant possibility is provided to the shareholders holding a minority (1\/20 of the share capital) or, much more, a majority percentage to activate the possibly inactive Board of Directors.<\/p>\n

 <\/p>\n

Petition of Minority Shareholders<\/strong><\/p>\n

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

A minority representing at least 1\/20 of the share capital (against 1\/10 under the previous regime) has the right to submit an application, in writing, to the Board of Directors (or the liquidator) with the object of exercising corporate claims (as 104 \u00a71). The Board decides on the shareholders’ request, after taking into account the comments and explanations of those members of the Board named in the shareholders’ request (art. 104 \u00a73).<\/p>\n

The provision providing for the specific possibility of the minority constitutes mandatory law. This was accepted and they prospered under it legislative environment (213\/1983 Multimember Court of First Instance of Thessaly, Nomos Legal Database). However, under the current regime, it is expressly provided that the above statutory percentage (:1\/20) can be reduced by virtue of a statutory provision (art. 104 \u00a71 section b) It is, therefore, a provision of unilateral compulsory law. Therefore, the relative right of the minority cannot be excluded or burdened with further conditions.<\/p>\n

The shares of each category, even those without voting rights, are calculated in the required, in any case, percentage of the minority. Conversely, shareholders whose rights are suspended do not have the right to participate in the submission of said application. A case that occurs, <\/strong><\/a>e.g., when there is a <\/strong><\/a>co-ownership of shares<\/u><\/strong> and no common representative or administrator has been appointed.<\/p>\n

Especially in the case where a pledge has been established <\/strong><\/a>for <\/strong><\/a>shares <\/strong><\/a>, the pledger has the right to submit an application to the Board of Directors. After all, they also exercise the other non-property rights of the shareholder (art. 54 \u00a7\u00a72 and 3, 1245 CC).<\/p>\n

A legal debate has arisen regarding who can exercise the right to apply to the Board of Directors when a usufructuary has been established over <\/strong><\/a>the <\/strong><\/a>shares<\/strong><\/a>. This right should be accepted as being exercised by the usufructuary – unless there is a different agreement (art. 54 \u00a7\u00a72 and 3, 1177 Civil Code).<\/p>\n

However, the applicant shareholders must prove that they have acquired the shareholder status at least six months before submitting the relevant application. (:versus three, under the previous regime).<\/p>\n

Board decision<\/strong><\/p>\n

After the submission of the above application by the minority shareholders, the Board undertakes to weigh the interest of the company and to decide whether to bring the corporate lawsuit by suing the guilty advisors. It is called upon, in particular, to take into account the explanations of the alleged perpetrators and to proceed with a cost-benefit analysis. At this stage, the Board bears the obligation of timely, complete and diligent exercise of the company’s claims against the persons who are responsible (as we already mentioned, in a previous article -article103).<\/p>\n

The decision on the exercise of the company’s claims is again made based on criteria such as, e.g., the evidentiary difficulties in general, the chances of success, the amount of legal expenses, the potential damage to the company’s reputation, etc.<\/p>\n

The named members of the Board of Directors “… do not have the right to vote at the meeting of the board of directors to take a decision on the request of the shareholders” (art. 104 \u00a73 section b’). This provision of the legislator confirms the rule that the member of the Board of Directors is not entitled to vote on issues in which there is a conflict <\/strong><\/a>of interest between <\/strong><\/a>him <\/strong><\/a>(or related parties) and the SA (art. 97 \u00a73 paragraph a’).<\/p>\n

In the event that two or more members of the Board of Directors are named in the application, then a separate voting of the Board of Directors is conducted (without the participation of the other named members). This is dictated by the fact that the internal\/ intercompany liability (art. 102) is individual. The members of the Board bear the burden themselves to prove the correctness of their claims. Each case is evaluated individually.<\/p>\n

If, however, the members that can vote cannot form a quorum to take the relevant decision, the Board is considered not to take a decision. In this case, the arrangements for the appointment of a special representative apply. Namely, the applicant shareholders may claim judicially the appointment of a special representative for the purpose of exercising the corporate action on their behalf. This constitutes a deviation from the rule of article 97 \u00a73, where the relevant decision is taken by the General Assembly as a body.<\/p>\n

The decision of the Board of Directors on the application, positive or negative, as well as the possible inability of the Board of Directors to take a decision, is communicated to the applicants under its care and at the expense of the company (art. 104 \u00a73 section d’). This notification is not required, when the application is made by the majority of the shareholders as the Board of Directors “…is obliged to immediately initiate the relevant procedures.” (art. 104 \u00a74).<\/p>\n

Finally, the above notification of the (rejecting) decision of the Board of Directors or the fact of the impossibility of making a decision (and not the time of making the decision of the Board) activates the deadline for the majority of the shareholders who addressed the Board in this regard, to submit an application before the Single-Member Court of First Instance, with the purpose of appointing a special representative (art. 105 \u00a71).<\/p>\n

 <\/p>\n

Application of Majority of Shareholders – Conditions<\/strong><\/p>\n

Corresponding to the above-mentioned, for minority shareholders, the possibility (submitting a written request to the Board of Directors or the liquidator with the object of exercising corporate claims against members of the Board of Directors) is also provided for the majority (art. 104 \u00a74). In the latter case, the Board of Directors is obliged, by virtue of its binding competence, to proceed, without delay, with the exercise of the corporate action (5626\/2020 Court of Appeal of Athens, Nomos Legal Database). Without, in fact, there being an obligation to notify the members who are considered responsible (see Memorandum to Law 4548\/2018 on article 104).<\/p>\n

The reference, according to the letter of the law, to a “majority of shareholders” is imprecise and may lead to misunderstandings. This option obviously concerns a percentage of shares corresponding to more than half of the paid-up share capital. On the other hand, it is not possible to understand that this discretion is recognized by the majority of either all the shareholders (as a majority of persons) or of the shareholders represented at a general assembly.<\/p>\n

This provision constitutes an innovation of the new law. Under the previous regime, a decision of the ordinary General Assembly was required for the exercise of the corporate action. On the contrary, the application for this to the Board of Directors concerned only the minority. It seems, therefore, at first glance, that the conditions and the procedure for bringing a corporate action are difficult. However, in reality, the will of the legislator, under the current regime is to weigh the corporate interest, basically, in all cases of intra-corporate liability. At the final stage, the competent court (art. 105) decides on this matter, which carries the guarantee of judicial judgment.<\/p>\n

 <\/p>\n

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

With reference to the form of the shareholders’ request (minority and majority), it was already pointed out that it is required to be in writing. It should, further, “… state the information possessed by the requesting shareholders as to the facts which, in their judgment, establish the liability of members of the board of directors and the loss of the company”.<\/p>\n

Furthermore, the law requires that the persons “responsible” for the damage to the SA be named (art. 104 \u00a73 section a’). Otherwise, it should be accepted that the application is directed against all members of the Board of Directors. There will then be a case of application of the appointment of a special representative for the purpose of the corporate action (art. 105 \u00a71 f. d’, 104 \u00a73 ed. b’ and c’).<\/p>\n

It is possible for the Board of Directors to disagree with the application and direct the relevant corporate lawsuit either against more or fewer directors than those named. In the second case, the limitation of persons is considered as a partial rejection of the application, which is a reason for the appointment of a special representative (art. 105 \u00a71 f. a’).<\/p>\n

Upon the submission of the application by minority shareholders, a reasonable deadline is set (not less than one month – art. 104 \u00a72), within which the Board of Directors is obliged to decide whether the company will bring an action for the claims described in the application.<\/p>\n

Under the previous legislative regime, there were most requirements, according to jurisprudence, regarding the content of the application, the main one being the determination of the exact amount that the company had to claim with its lawsuit (5\/2015 Plenary Session of the Supreme Court, Nomos Legal Database). However, under the current regime it is not required to describe in the application the extent of the claims made or the legal basis corresponding to the facts.<\/p>\n

 <\/p>\n

The shareholders are entitled, reasonably, to have a weighty role regarding the initiation of the corporate action against members of the Board of Directors, when this (for whatever reasons) refuses or is inactive in the exercise of a corporate action. Minority shareholders are entitled to request it; o majority to claim it. In case, however, of non-alignment, again, of the Board of Directors, the path of justice remains open. About this, 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":"

Directors have the capacity to file corporate lawsuits (art. 103, Law 4548\/18), in the event of establishment of liability by the Board of Directors. The exercise of the relevant action falls, in principle, within the management competence of the latter (: Board). The Board of Directors is obliged to exercise it in a manner consistent […]<\/p>\n","protected":false},"author":5,"featured_media":48624,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[1222,53,95,1265,110,112,1226,1225,1189,335,1267,1217,1268,1191,1269],"class_list":["post-48623","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-board-member-liability","tag-board-of-directors","tag-conflict-of-interest","tag-corporate-claims","tag-corporate-governance","tag-corporate-interest","tag-corporate-lawsuit","tag-directors-liability","tag-greek-corporate-law","tag-law-4548-2018","tag-majority-shareholders","tag-minority-shareholders","tag-shareholder-action","tag-shareholder-rights","tag-special-representative"],"acf":[],"yoast_head":"\nShareholder Rights Against Board Members in an S.A.-KOUMENTAKIS<\/title>\n<meta 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