Liability Of A Company's Officers

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On 30 July 2013 the Plenary Session of the Supreme Commercial Court of the Russian Federation adopted Resolution No. 62 “On Certain Matters of Indemnification of Damages by Members of a Company’s Governing Bodies.”

In this Resolution of the Plenary Session, the Supreme Commercial Court (the “SCC”, the “Court”) summarized a number of positions regarding indemnification of damages by a company’s managers taken in earlier commercial court decisions, and set out a number of rules that had not previously been established by the SCC. This alert analyses the main provisions of the Resolution where the Court extended the range of persons to whom the provisions on directors’ liability apply and persons entitled to claim damages on behalf of the company; set out rules for the sharing of the burden of proof of the occurrence or nonoccurrence of the circumstances that entail a director’s liability; and listed the main circumstances where a director is liable for damages or is released from liability.

Please see full alert below for more information.

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Topics:  Board of Directors, Liability, Russia, SCC

Published In: Business Organization Updates, Mergers & Acquisitions Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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