The directors of an Austrian company
have certain duties and liabilities as outlined in the company’s constitutive documents and in the Company Law.
In general, the director’s duties in Austria are related to corporate governance and management, restructuring and the supervision of the boards.
Austrian company directors must be at least 18 years of age. There are no restrictions regarding nationality. A maximum age limit can be established at an internal level.
Our team of lawyers in Austria
can give you complete details on the laws governing director liability and duty in the country.
Director’s duties in Austria
The main duties of the director of an Austrian company relate to the management of that company’s business. The director is authorized to represent the company in relation to third-parties and has a duty of care towards the company and its best interests.
The main Austrian laws that govern the duties and liabilities of company directors are:
- the Stock Corporation Act and the Limited Liability Company Act;
- the Business Code;
- the Labor Constitution Act;
- the Takeover Act;
- the Stock Exchange Act and the Capital Market Act (only for listed companies).
Our attorneys in Austria
can give you complete information on any of these laws and how they relate to corporate governance.
Director’s liabilities in Austria
The company director in Austria is expected to be diligent in his business decisions and make all such decisions only in the best interest of the corporation. His first and foremost liability is towards the company and its best interests. He may be held liable for severe breaches of the Articles of Association, for theft and fraud and for the breach of the non-competition duties. External liability (that referring to third-parties) is also possible in some cases.
The liability of a company director can be limited, but only to a certain extent, in case of limited liability companies.
Our lawyers in Austria can help you in all cases that involve company director liability and can represent you in court, if needed.