The concept of civil responsibility of the members of board of directors

Abstract

The object of this research is the definition of the concept of civil responsibility of the board of directors in corporations. The subject of this research is the theoretical positions of different scholars that correlated with the object in question. The author believes that the topic of responsibility of the members of board of directors requires further examination, since case law on this problematic is relatively small, and essence of the topic carries practical, rather than theoretical character. Therefore, special relevance gains definition of the concept of civil responsibility applicable to responsibility of the members of board of directors in corporations. The author offers an original definition of civil responsibility of the members of board of directors in limited liability companies and joint-stock companies; as well as describes financial negative consequences of for violation of responsibilities imposed upon the members of board of directors by corporate legislation and articles of association. A conclusion is made that the definition of responsibility of the members of board of directors is not unique, as in essence similar by content definition can be used with regards to responsibility of any corporate body in the limited liability companies and joint-stock companies respectively.