Directors' Liabilities in Europe: a multi-jurisdiction survey on current set of rules and best practices
Bart De Bock
Dr Sven Prüfer
Frankfurt am Main
Arnold Croiset van Uchelen
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Directors’ duties and liabilities have always been at the forefront of corporate governance. It has become a hot topic in the wake of new regulations in the field of sustainability, which directly impact directors’ responsibilities and exposure.
How are directors’ liabilities implemented in practice in the various jurisdictions covered by Allen & Overy in Europe? What are the main differences and commonalities among the legal frameworks and the case-law? What are the best practices for directors to comply with their duties and to mitigate their risks, in particular in the context of sustainability?
To answer these questions, Allen & Overy has in collaboration with ecoDa (the European Confederation of Directors Associations) and with local input from PWC (Greece) and RTPR (Romania), conducted a multi-jurisdiction survey on directors’ liabilities in Europe, covering 15 countries and providing an overview of the current state of play (the Survey).
The Survey is based on a questionnaire that covers topics such as the legal basis, the scope, the enforcement, and the sanctions of directors’ liabilities, with a focus on concrete actions taken against directors in practice. The Survey also highlights the key challenges and opportunities for directors in relation to sustainability and corporate social responsibility.
The Survey aims to provide valuable insights into the legal risks and best practices for directors in Europe, as well as to foster a dialogue and a benchmark among the different jurisdictions. It is intended for directors, board members, legal counsel, compliance officers, and anyone interested in the topic of directors’ liabilities and sustainability.