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Greater flexibility in conflict of interest situations?

February 2011 - Corporate & Commercial. Legal Developments by ALTIUS (in cooperation with Tiberghien).

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The Companies Code contains relatively stringent requirements for the board of directors of an unlisted Belgian company limited by shares if one of the directors has a conflicting pecuniary interest.

These requirements are intended to protect the company, its shareholders and its other stakeholders. The code imposes similar requirements on the company's management committee. This update briefly describes these requirements, as well as the civil penalties imposed by the code for failure to comply. Although certain recent judgments have shown some flexibility in the application of conflict of interest rules, a prudent approach remains advisable.

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First published in International Law Office. www.iloinfo.com

 


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