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CHANGES IN THE CZECH CORPORATE LAW AND FIDUCIARY DUTIES
Abstract
The article describes significant changes in corporate governance in the Czech recodification of the Czech private law. In the Czech Republic, from 1992 to 2014, the Act No. 513/1991 Coll. the Commercial Code, regulated only the dualistic (two-tier) model of joint-stock companies internal structure. Currently, the dualistic model and the newly regulated Czech monistic (one-tier) model of a joint-stock company is regulated in the new Act on Commercial Companies and Cooperatives (the Business Corporations Act) No. 90/2012 Coll., which came into effect in January 2014. Other status which affects the Czech corporate governance is the Civil Code (No. 89/2012 Coll.) which came into effect in January 2014, too. There is a new legal regulation of the liability of statutory bodies of business corporate. The article analyses business judgement rule which defines the content of due managerial care, is among others, introduced by the new regulation. The duty of loyalty, the duty of obedience, professional care, the binding orders and the business judgment rule are the new components of the fiduciary duties. Fiduciary duties are an effective tools in the conflict of interests in a principal-agent relation (stakeholders-managers relation). Also, the article deals with the practical consequences the business management and delegation of business management to managerial employees.
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