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ARTICLE · 23 JULY 2025

Increased Liability For Board Members?

Glade Michel Wirtz - Corporate & Competition
Explore more from Glade Michel Wirtz - Corporate & Competition

Recent ruling of the Regional Court München I re. Wirecard sets stricter duties for the board of management regarding loans and intra-board supervision

GermanyCorporate/Commercial Law
Friedrich Schulenburg
Friedrich Schulenburg
Andreas Merkner
Andreas Merkner
Hannah Beck
Hannah Beck

What Is it About?

11 years after the so-called Siemens/Neubürger ruling, the Regional Court Munich I acknowledged recognized principles regarding the liability of board members in its ruling of 5 September 2024 (Wirecard – HK O 17452/21):

  • The reversal of the burden of proof pursuant to Section 93 para. 2 sentence 2 of the German Stock Corporation Act (Aktiengesetz) also applies to former board members
  • In principle, board members can rely on expert advice from the company's own legal department
  • Relying on the principle of trust (Vertrauensgrundsatz) is precluded in case of indications of improper management
  • Duty of the Supervisory Board to adapt the measures of supervision if the Board of Management ("BoM") previously violated its duties

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