Reed Smith LLP

Global Restructuring Watch

The Versailles Court of Appeal Fine-Tunes the Duty of Loyalty Owed by Managing Directors

Subscribe
Home Perspectives The Versailles Court of Appeal Fine-Tunes the Duty of Loyalty Owed by Managing Directors
A Managing Director of a French Société Anonyme has a statutory duty of loyalty towards the shareholders of such company. This principle was set in stone by a ruling of the French Supreme Court (Cour de cassation) in 1996. It has further been ruled that under this duty, a Managing Director (“MD”) must inform the … Continue Reading