Independence of the Supervisory Board Members of the Joint Stock Company in the Austrian and Georgian Corporate Law / სააქციო საზოგადოების სამეთვალყურეო საბჭოს წევრთა დამოუკიდებლობა ავსტრიულ და ქართულ საკორპორაციო სამართალში

David Dolidze

Abstract


The article overviews issues of independence of the Members of Supervisory Board of Joint Stock Company in the view point of corporative management. Using the method of comparative legal study, based on Austrian and Georgian systems, the actuality and features of membership of independent members in supervisory board is highlighted. On the background of the conducted study, we may conclude that model of the existing Georgian corporative management is facing some problems with regard to this issue. And this is respectively reflected in the situation where we do not face legislative arrangement, which defines standards of independence of the members by the regulations, adopts provisions needed for actual provision of such independence, while, these are the issues which need to be regulated in order to form an effective model of corporate management of a joint stock company. And just for this purpose, it is important that the effective bylaws of Georgia in the field of corporative management need to directly involve issues related to the independence of the supervisory board members of Joint Stock Company. It is not enough to regulate the issue only by the corporative management codes having a recommendatory nature, moreover in the situation where there is no legal relation between the codes and mandatory bylaws. In the process of resolving the abovementioned problems, it is important to share experience of developed countries, including Austria, and do it in a planned and targeted manner. This surely will upgrade the level of the Georgian corporative management.


Keywords


Corporate; supervisory;independence;

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