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Director, be prudent

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Over the years, I've advised a lot of companies that were looking to make an investment in Poland. During this process, the investor team and I tend to discuss several recurring themes about doing business here. One of these "talks" is inevitably about a director’s duties and liabilities. Unfortunately, it often results from a call from a fretting board candidate who heard something about jail time and personal liability in Poland.

I'm not going to regale you with tales of how bad it can get for a director in Poland when it goes wrong. Search the internet if you want sensationalism. Keep reading if you want a practical take.
Before we talk about the risks, let's be clear on the roles of the two types of boards in Poland: management and supervisory. The supervisory board is the classic board. Not all companies need a supervisory board, and its role focuses on oversight. The management board manages the company and represents it. To use English legal nomenclature, these are the "officers" of a company. It is to this latter group - the persons really running a company - that vast majority of the potential director's liabilities apply.

The full article is available here>

Source: Judith Gliniecki, WBJ Observer, March 2014

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