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Study on Directors’ Duties and Liability

prepared for the European Commission DG Markt by: Carsten Gerner-Beuerle, Philipp Paech and Edmund Philipp Schuster

(Department of Law, London School of Economics)

London, April 2013

Funded by

CONTENT
EXECUTIVE SUMMARY .......................................................................................................................		vii
Overview ...........................................................................................................................................		vii
Mapping directors’ duties ..................................................................................................................		vii
Organisation and structure of boards in Europe ...........................................................................		vii
Substantive law in respect of directors’ duties .............................................................................		viii
Enforcement of the duties ............................................................................................................		xiii
Directors’ duties and liability in the vicinity of insolvency .............................................................		xiv
Cross-border issues ......................................................................................................................		xv
Conclusion of the Study ...................................................................................................................		xvi
CONTRIBUTORS .................................................................................................................................		xix
INTRODUCTION ................................................................................................................................		xxiii
Overview .........................................................................................................................................		xxiii
Purpose of this study......................................................................................................................		xxiv
History of the Commission’s work on directors’ duties and liability................................................		xxiv
Scope ..............................................................................................................................................		xxv
Main methodological elements.......................................................................................................		xxvi
Multi-tier scrutiny of research .....................................................................................................		xxvi
Functionality ...............................................................................................................................		xxvii
Hypothetical scenarios ...............................................................................................................		xxvii
Cross-jurisdictional aspects .......................................................................................................		xxvii
Difficulties ......................................................................................................................................		xxviii
COMPARATIVE-ANALYTICAL PART ...................................................................................................		1
Introduction: “Mapping Directors’ Duties”............................................................................................		1
1. The Organisation and Structure of Boards .....................................................................................		3
1.1	Relevance of board structure ........................................................................................................	3
1.2	Mapping board structures I: The choice between one-tier and two-tier boards............................	4
1.3	Mapping board structures II: Prevalent choices............................................................................	7
1.4	Mapping board structures III: The roles of employee representatives..........................................	8
1.5	Appointment and dismissal of directors ......................................................................................	12
1.6	Shareholder power ......................................................................................................................	21
1.6.1 Managerial insulation ...........................................................................................................		21
1.6.2 Classification of national company laws on the basis of “managerial insulation” ................		22
2. Substantive provisions on directors’ duties.................................................................................		30
2.1. Regulatory approach to directors’ duties ...................................................................................		30
2.2	Addressees of directors’ duties ...................................................................................................	45
2.2.1 Who owes the duties? ..........................................................................................................		45
2.2.2 To whom are the duties owed? ............................................................................................		55
2.3	The interests of the company......................................................................................................	66
2.4	Duty of care .................................................................................................................................	74
2.4.1 Dogmatic foundation ............................................................................................................		75
2.4.2 Behavioural expectations .....................................................................................................		78
2.4.3 Business judgement rule ....................................................................................................		108
2.5	Duty of loyalty............................................................................................................................	118
2.5.1 Dogmatic foundation ..........................................................................................................		119
2.5.2 Behavioural expectations ...................................................................................................		126
2.6	Nature of liability........................................................................................................................	162
2.7	Limitation of liability ...................................................................................................................	172

3. Enforcement ...................................................................................................................................		184
3.1	Standing to sue .........................................................................................................................	185
3.2	Derivative action........................................................................................................................	192
4. Directors’ duties and liability in the vicinity of insolvency .......................................................		208
4.1	Duty to file for insolvency and wrongful trading prohibitions .....................................................	209
4.2	Change of directors’ duties .......................................................................................................	211
4.3	Re-capitalise or liquidate...........................................................................................................	214
4.4	Other strategies.........................................................................................................................	216
4.5	How and at what point in time do the remedies operate...........................................................	218
5. Cross-border issues ......................................................................................................................		225
5.1	Real seat and incorporation theories ........................................................................................	225
5.2	Potential conflicts ......................................................................................................................	232
5.2.1 Employment law and directors’ duties ...............................................................................		232
5.2.2 Directors’ duties and general civil liability ..........................................................................		232
5.2.3 Directors’ duties in the vicinity of insolvency ......................................................................		233
6. Summary and conclusion .............................................................................................................		238
6.1	Lack of enforcement of directors’ duties in solvent companies ................................................	238
6.2	Incentive problems in relation to enforcement by (minority) shareholders ...............................	239
6.3	Incentive problems with enforcement of claims against directors of insolvent companies.......	240
6.4	Gaps relating to companies with cross-border operations........................................................	240
6.5	Gaps relating to director disqualification ...................................................................................	242
HYPOTHETICALS...............................................................................................................................		243
Austria .............................................................................................................................................		243
Belgium ...........................................................................................................................................		251
Bulgaria ...........................................................................................................................................		259
Croatia.............................................................................................................................................		265
Cyprus .............................................................................................................................................		271
Czech Republic ...............................................................................................................................		279
Denmark..........................................................................................................................................		287
Finland.............................................................................................................................................		293
France .............................................................................................................................................		303
Germany..........................................................................................................................................		309
Hungary...........................................................................................................................................		325
Ireland .............................................................................................................................................		333
Italy…. .............................................................................................................................................343
Netherlands .....................................................................................................................................		351
Portugal ...........................................................................................................................................		355
Romania ..........................................................................................................................................		363
Slovenia...........................................................................................................................................		373
Spain ..............................................................................................................................................		383
United Kingdom...............................................................................................................................		389
ANNEX: COUNTRY REPORTS ..........................................................................................................		A 1
Austria .............................................................................................................................................		A 5
Belgium .........................................................................................................................................		A 39
Bulgaria.........................................................................................................................................		A 67
Croatia ........................................................................................................................................		A 101
Cyprus.........................................................................................................................................		A 137
Czech Republic...........................................................................................................................		A 167
Denmark .....................................................................................................................................		A 193
Estonia ........................................................................................................................................		A 221
Finland ........................................................................................................................................		A 265
France .........................................................................................................................................		A 287
Germany .....................................................................................................................................		A 323
Greece ........................................................................................................................................		A 355

Hungary ......................................................................................................................................	A 389
Ireland .........................................................................................................................................	A 419
Italy .............................................................................................................................................	A 457
Latvia ..........................................................................................................................................	A 485
Lithuania .....................................................................................................................................	A 519
Luxembourg ................................................................................................................................	A 543
Malta ...........................................................................................................................................	A 571
Netherlands.................................................................................................................................	A 609
Poland.........................................................................................................................................	A 639
Portugal.......................................................................................................................................	A 669
Romania......................................................................................................................................	A 703
Slovakia ......................................................................................................................................	A 729
Slovenia ......................................................................................................................................	A 761
Spain ...........................................................................................................................................	A 807
Sweden .......................................................................................................................................	A 837
United Kingdom ..........................................................................................................................	A 867

TABLES
Board structures in Europe ......................................................................................................................	4
Employees participation in Europe ..........................................................................................................	9
Shareholder appointment and removal rights........................................................................................	12
Classification of national company laws on the basis of “managerial insulation” ..................................	23
Regulatory approaches to directors’ duties ...........................................................................................	30
Who owes the duties?............................................................................................................................	45
Constituencies to whom directors’ duties are owed ..............................................................................	55
Content of the interests of the company ................................................................................................	66
Dogmatic foundation of the duty of care ................................................................................................	75
Content of the duty of care.....................................................................................................................	78
Excessive risk-taking .............................................................................................................................	95
Duty to supervise .................................................................................................................................	103
Business judgment rule and similar mechanisms to address risk aversion ........................................	108
Dogmatic foundation of conflicts of interest regulation ........................................................................	119
Behavioural expectations in a conflict of interest case ........................................................................	126
Liability for exploitation of corporate opportunities/competing with the company................................	154
Acquisition of a corporate opportunity for private purposes ................................................................	158
Miscellaneous provisions on the nature of liability of directors ............................................................	162
Possibilities to limit directors’ liability ...................................................................................................	172
Authority to represent the company in enforcing directors’ duties .......................................................	185
Regulation of derivative actions ...........................................................................................................	192
Minority shareholder enforcement index – quantification ....................................................................	205
Minority shareholder enforcement index – scores per country............................................................	205
Duty to file for insolvency and wrongful trading prohibitions................................................................	209
Change of directors’ duties ..................................................................................................................	211
Change of directors’ duties ..................................................................................................................	214
Answers to questions covered by Hypothetical II ................................................................................	218
Private international law rules and “connecting factors” in Europe......................................................	225
Classification of directors’ duties in the vicinity of insolvency for purposes of private international law
............................................................................................................................................................	233

MAPS
Board structures in Europe ......................................................................................................................	6
Choices between one-tier & two-tier boards in countries providing a choice of different board
structures.................................................................................................................................................	8
Board-level employee participation in Europe .......................................................................................	11
Classification of national company laws on the basis of “managerial insulation” ..................................	22
Regulatory approach to directors’ duties ...............................................................................................	43
Standard of care ....................................................................................................................................	93
Burden of proof for a breach of the duty of care ....................................................................................	99
Business judgment rule and managerial discretion .............................................................................	116
Related party transactions ...................................................................................................................	146
Corporate opportunities .......................................................................................................................	151
Derivative action – standing.................................................................................................................	200
Conditions for bringing a derivative action ...........................................................................................	201
Derivative action – cost rules ...............................................................................................................	203
Minority shareholder enforcement index..............................................................................................	206
Duty to file for insolvency and wrongful trading prohibitions in Europe ...............................................	210
Change of directors’ duties ..................................................................................................................	213
Private international law approaches to foreign incorporated entities across Europe.........................	230
Classification of rules aimed at restricting or regulating near-insolvency trading for private international
law purposes ........................................................................................................................................	235

EXECUTIVE SUMMARY

Overview

The liability regime of executive and non-executive directors in companies constitutes a necessary corollary to control issues within a company. It is based on the determination of specific duties, it establishes the limits of management behaviour and it provides stakeholders and third parties dealing with the company with legislative protection against management misconduct. In that respect, directors' liability is an important and effective compliance and risk-allocation mechanism.

The European Commission has not, to date, considered directors' liability issues in a comprehensive way. It is the purpose of this study to provide the relevant information in a comprehensive manner, in order to support to European Commission to consider its future policy in this area. To this end, the analysis spans from national laws and case law to corporate practice in respect of companies’ directors duties in all 27 EU Member States and Croatia.1 The overarching goal is to provide for a better understanding of certain important drivers of directors' behaviour.

This study shows the extent to which the content and extent of duties and the corresponding liabilities, as well as the understanding of the persons to whom they are owed, fluctuate over the life of a company, i.e. during the "normal" phase of operation, and in the so called "twilight zone", i.e. shortly before insolvency. The study is mainly a stocktaking one. However, its comparative analysis also identifies similarities and differences between national regimes and identifies relevant cross-border implications.

Mapping directors’ duties

Apart from taking stock of the national regimes in 28 detailed country reports (cf. Annex), this study provides a comprehensive comparison of those elements of the law that appear relevant to further policy decisions to be taken by the European Commission. The comparative-analytical part strives to identify similarities, differences and trends in the relevant national laws of Member States, and to aggregate that information in an accessible manner. The comparative-analytical part uses maps, allowing the user to easily grasp the core information on each of the relevant aspects. Extensive tables aggregating statutory and case law allow for quick reference and a critical discussion of the EUwide treatment of each of the issues.

The findings in respect of the relevant issues are set out below, followed by an overall assessment of the current legal landscape governing directors’ duties and liabilities in the EU.

Organisation and structure of boards in Europe

This study first analyses the differences in board structures used and available across the EU. Despite recent trends of regulatory convergence regarding board structures, there is still a significant degree of variation between the company laws of the EU Member States. The variation exists in the basic board structure (especially with regards to the distinction between one-tier and two-tier boards), as well as in relation to other aspects of company board make-up, such as election/nomination rights and the participation of employees. Differences in board structures can have a significant impact on both the extent and content of directors’ duties and liabilities, as well as on the enforcement of these duties.

1 In the following, the term ‘Member States’, for the present purpose, is understood to refer to the current 27 EU Member States and Croatia.

vii Directors’ Duties and Liability in the EU

First, the structure of a company’s board determines the main elements for the allocation of decisionmaking powers – and, consequently, responsibility for the decisions – within a company. Second, to the extent that a legal system (also) relies on enforcement of directors’ duties through the company organs itself, a formal division of responsibilities between different types of board members may be seen as having the effect of creating incentives for holding managers to account.

Employee participation can play an important role in the effect that rules on directors’ duties and liability have in practice. Twelve of the 28 countries examined grant employees some form of influence over the composition of the board. In most cases, employee representatives are not directly participating in the day-to-day management decisions, but rather in strategic planning and management supervision. There is a fair amount of variance among the systems of employee participation. The study finds that, throughout the examined countries, employee representatives on the board of directors are subject to essentially the same duties as other board members, although the practical application of such duties may somewhat differ across Member States. Also, this study finds that the participation of employee representatives in the managerial decision-making process strongly correlates with a less shareholder-centric understanding of the “interest of the company”. This is of significance for the main subject of this Study, since the interests of the company, and the question whether or not board members have acted in the company’s interest, plays a pivotal role in determining the accountability of board members across all jurisdictions examined by us.

Substantive law in respect of directors’ duties

The comparison and analysis regarding the substantive law governing directors duties covers a wide range of material and procedural aspects, notably: (i) where and how directors’ duties are addressed in the law – regulatory approach; (ii) who owes the duties and to whom – addressees of duties; (iii) how the interest of the company is defined; (iv) what represents the material content of the directors’ duties – duty of care, duty of loyalty; (v) the nature of liability, covering in particular the extent to which an individual director is liable for decisions taken by the board; (vi) further, it describes the type of liability flowing from breaches of the duties, and limitations to the liability.

Regulatory approach. Member States’ laws differ both with respect to the general approach to the regulation of directors’ duties – based on a system of statutory rules or general principles of law (e.g., fiduciary principles or the law of agency) that are elaborated and amplified by the courts – and the level of detail with which the duties are laid down. Obviously, the first point relates to the well-known distinction between common law and civil law countries, although this distinction has lost much of its meaning in the context of directors’ duties. As far as the second point is concerned, some jurisdictions provide for a largely exhaustive list of specifically defined duties, others rely on a general clause that defines the behavioural expectations of directors in broad terms. However, the two points are not parallel. Directors’ duties may be uncodified but nevertheless distinguish between specific duties and attempt to regulate all relevant conflicts exhaustively. Or, the duties might be codified, however in the form of a very broad general clause. All legal systems draw on principles of general contract law, tort law, or fiduciary principles to supplement the company law-specific rules where necessary. Nowadays, in almost all countries, directors’ duties are predominantly codified.

Notwithstanding a country’s general regulatory approach, the analysis suggests that the law in most legal systems is elastic enough to allow the courts to derive solutions for novel conflicts that are not addressed by the statute. Furthermore, irrespective of the paucity or indeterminacy of the statutory sources of directors’ duties, the content of the duties is nuanced and applicable to a variety of conflicts, provided that the courts have had the opportunity to build on the codified rules and develop the legal principles. As a consequence, the analysis concludes that, first, a fragmentary codification of directors’ duties as such does not necessarily lead to an insufficient level of investor protection.

Second, fragmentation and/or paucity may, however, suggest a higher level of legal uncertainty, at least until judicially developed rules are well established, which, in turn, may require time and the existence of procedural rules that facilitate access to justice.

viii Directors’ Duties and Liability in the EU

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