Originally published in 03 February 2017
On January 14, 2017, the very first amendment in history to the
Business Corporations Act comes into effect. The amendment brings a
change in one part only – in the representation of employees
in Supervisory Boards of joint-stock companies. In its wording in
force before January 13, 2017, the Business Corporations Act simply
set down that, unless bylaws stipulate otherwise, the Supervisory
Board has 3 members elected and removed by General Meeting. As of
January 14, 2017, the rule of 3 members of Supervisory Board
continues to be in effect; however, the number of the Supervisory
Board members must now be divisible by three in companies with more
than 500 employees. At the same time, two thirds of Supervisory
Board members are elected by General Meeting and one third by
employees in the companies with more than 500 employees. Bylaws may
define a higher number of Supervisory Board members elected by
employees; however, the number
