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Articles

No. 4 (38) (2021)

Should be the CEO of the Company also a Philosopher? About the Principle of Business Judgment Rule which has been Codified in Poland

Submitted
27 May 2020
Published
06-01-2022

Abstract

Business judgment rule secures board members against civil liability for the business decisions taken by them. The essence of the business judgment rule is to ensure the sovereignty of decisions taken by board members. The law should not discourage managers from taking risks. However, the law should set certain standards indicating how to take this risk. The above principle is derived from the US law. The Delaware case-law has had a huge impact on the development of the concept of liability of board members towards the company, which subsequently
set the pattern for many European countries. In Poland, the business judgment rule has been widely commented on by the doctrine for many years, but its codification took place in 2019 under the provisions of a simple joint-stock company (PSA). In 2020, the new legislation project has been introduced, which implies the business judgment rule to all limited companies.

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