The date of the annual ordinary shareholders meeting is fast
approaching for companies whose financial year overlaps with the
calendar year; therefore, it should be determined whether the
mandate of members of the management board will expire upon the
meeting taking place. We frequently forget that management board
membership of capital companies is, as a rule,
term-based.
Pursuant to Article 202 § 1–2 of the Code of
Commercial Companies, as a rule, the mandate of a member of the
management board expires on the date of the shareholders meeting
approving the financial statements for the first full financial
year during which they performed the function of a member of the
management board and, if the member of the management board is
appointed for a term longer than one year, the mandate of that
member of the management board expires on the date of the
shareholders meeting approving the financial statements for the last full financial year
during which they performed
