On 13 October 2022, amendments to the Code of Commercial Companies (hereinafter referred to as the Code) applicable to capital companies will come into force. The amendments will apply, in particular, to a supervisory board, but the modifications will also influence other authorities of a limited liability company (LLC) and a joint stock company.
In a full-length article that can be accessed here, Ewa Lejman-Widz, a partner at Ally Law member firm Izabella Żyglicka & Partners, and Aleksandra Żukowska, a trainee solicitor at the firm, take a close look at a number of specific requirements in the Code that apply to LLCs, including:
- Terms of service and duties of boards of directors
- Reporting, documentation, meeting attendance, ad-hoc committees, use of advisors and other requirements that apply to supervisory boards
- Meetings of audit committees
- Meetings of shareholders
- Due diligence obligations and protections against civil liability exposure of company authorities.