OBSERVATION OF DUE DILIGENCE, PARTICULARLY LOYALTY AND OTHER RULES PROTECTING BUSINESS COMPANIES FROM ILLEGAL AND UNETHICAL PRACTICES

Authors

  • prof. JUDr. Jan Ondřej, CSc., DSc. AMBIS University, Department of Security and Law

DOI:

https://doi.org/10.61357/sehs.v18i2.16

Keywords:

infringement of rules, illegal practice, due diligence, loyalty, controlling mechanisms

Abstract

The article discusses the prevention of illegal and other unethical acts within a commercial company by its elected bodies, especially the statutory bodies. Such acts may threaten the prosperity or even the existence of the company. Members of the elected bodies of a company have a number of obligations which, if complied with, reduce or eliminate the risk of illegal acts which may harm the interests of the company. The duties of statutory and other elected bodies include, in particular, the obligation to perform the duties of a member of the body with due care and diligence, which also includes the necessary loyalty. The requirement of loyalty implies the duty of a member of an elected body to put the interests of the company before their own interests. Necessary loyalty is relevant for assessing whether a member of an elected body is acting contrary to the interests of the company. In the event of a breach of the duty of care, the person concerned is liable to pay the damages resulting from the breach. Control by the shareholders is important to prevent breaches of the duties by members of the elected bodies, as is the exercise of control by the supervisory bodies, if they exist.

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Published

2023-12-31

How to Cite

Ondřej, J. (2023). OBSERVATION OF DUE DILIGENCE, PARTICULARLY LOYALTY AND OTHER RULES PROTECTING BUSINESS COMPANIES FROM ILLEGAL AND UNETHICAL PRACTICES. Socio-Economic and Humanities Studies, 18(2), 53–68. https://doi.org/10.61357/sehs.v18i2.16

Issue

Vol. 18 No. 2 (2023): Socio-Economic and Humanities Studies

Section

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