AG is managed and represented in and out of court by a board of management (Vorstand)
The AG is managed and represented in and out of court by a
board of management (Vorstand). Unless otherwise specifed
in the articles, all members of the board of management must
act jointly in both managing the corporation and representing
the corporation vis-à-vis third parties.
The board of management
may have internal rules, which may provide for committees and
may stipulate the transactions requiring board of management
consent. A limitation on the statutory authority of the board
of management to represent and bind the AG is not effective
against third parties. Internally, however, the management may
be subject to certain restrictions, e. G. Specifc transactions may
require the approval of the supervisory board. Board members
are appointed, removed, and supervised by the supervisory
board.
They are appointed for a term not to exceed fve years
and can only be dismissed for cause during their term of offce.
Neither the shareholders nor the supervisory board may issue
instructions to the board of management.
EU Forecast
euf:ba18f:137/nws-01