The supervisory board as an instrument of internal corporate governance in a limited liability company

Article Sidebar

pdf
Published: Jun 23, 2021
DOI: https://doi.org/10.33119/KNoP.2021.59.2.5
Keywords:
supervisory board, corporate governance, limited liability company, company deed, rights, competence

Main Article Content

Marzena Pietrzak
University of Warsaw

Abstract

The supervisory board is a body of authority in the company treated as the basic internal mechanism of corporate governance. The aim of this article is to indicate the importance of the corporate supervision using the example of the supervisory board as a statutory body exercising permanent supervision over the activities of a limited liability company. The study attempts to determine what powers of the aforementioned body should be extended in the articles of association and, optionally, in other corporate documents. This article has been written from a perspective of a legal-dogmatic approach that forms the basis of the analysis of the presented problems, using applicable legal provisions and relevant literature. The conducted analysis shows that the power of the supervisory board cannot be increased in a way that infringes the functions of other company bodies. The supervisory board is expected to be involved in the day-to-day operations of the limited liability company and to make strategic decisions.

Downloads

Download data is not yet available.

Article Details

How to Cite
Pietrzak, M. . (2021). The supervisory board as an instrument of internal corporate governance in a limited liability company. Kwartalnik Nauk O Przedsiębiorstwie, 59(2), 59–72. https://doi.org/10.33119/KNoP.2021.59.2.5
Issue
Vol. 59 No. 2 (2021): Kwartalnik Nauk o Przedsiębiorstwie
Section
Articles

The author of the article declares that the submitted article does not infringe the copyrights of third parties. The author agrees to subject the article to the review procedure and to make editorial changes. The author transfers, free of charge, to SGH Publishing House the author's economic rights to the work in the fields of exploitation listed in the Article 50 of the Act of 4 February 1994 on Copyright and Related Rights – provided that the work has been accepted for publication and published.

SGH Publishing House holds economic copyrights to all content of the journal. Placing the text of the article in a repository, on the author's home page or on any other page is allowed as long as it does not involve obtaining economic benefits, and the text will be provided with source information (including the title, year, number and internet address of the journal).

References

1. Act of 23 April 1964 - Civil Code (Journal 2020 r., Pos. 1740 with later amendments).
2. Act of 16 December 2016 on the principles of state property management (OJ 2020, item 735 with later amendments).
3. Act of 6 June 1997. Penal Code (Journal of Laws of 2020, item 1444, as amended).
4. Act of 29 September 1994 on accounting (Journal of Laws of 2021, item 217, as amended).
5. Act of 15 September 2000 (OJ 2020. Pos. 1526, with later amendments).
6. Bilewska K. (2016), In the Supervisory Board the title is not enough, “Rzeczpospolita”, Edition of 13.10.2016.
7. Bogacz-Miętka O. (2011), Compendium of knowledge about supervision and control over the enterprise, Ed. 1, Warsaw 2011.
8. Chomiuk M. (2014), Commercial companies code. Commentary, Edited by Z. Jara, Warsaw 2014.
9. Jeżak J., Bohdanowicz L., Kaźmierska-Jóźwiak B., Matyjas Z. (2016), The role of supervisory boards in the processes of formulating and implementing company strategies, Łódź 2016.
10. Jeżak J. (2005), Structure and forms of exercising power in capital companies, Łódź 2005, p. 108.
11. Judgment of the Court of Appeal in Rzeszów of 20 December 2012, Ref. No. act I ACa 403/12 [in:] Commercial companies code. Comment. Jurisprudence, Ed. 2, Edited by J.A. Strzępka, Warsaw 2003.
12. Kidyba A. (2017), Commercial Companies Code. Comment, Volume I, ed. 14, Warsaw 2017, p. 1065.
13. Kidyba A. (2009), Limited Liability Company. Commentary, Ed. 5, Warsaw 2009.
14. Koładkiewicz I. (2011), The board of directors (supervisory board) as the basic internal mechanism of corporate governance [in:] Corporate governance, Edited by D. Dobija, I. Koładkiewicz, Warsaw 2011, p. 110-111.
15. Kopaczyńska-Pieczniak K. (2013), Limited liability company, publ. 3, Edited by A. Kidyba, Warsaw 2013.
16. Kozarzewski P. (2000), Ownership control in privatized enterprises [in:], Effectiveness of corporate governance in capital companies, Edited by S. Rudolf, Łódź 2000.
17. Król-Gajewska M., Wyrzykowska A. (2017), Limited liability company, publ. 7, Warsaw 2017, pp. 128-129.
18. Kulesza T. (2002), Corporate governance and management of a capital company, Warsaw 2002.
19. Kwaśnicki R.L. (2019), Without Communication, There Will Be No Good Decisions, “Puls Biznesu”, 04.11.2019.
20. Kwaśnicki R.L., Nalazek A. (2018), Supervisory Board as a partner in building company value, “Parkiet”, 20.07.2018, s. 16.
21. Kwaśnicki R.L (2005) (ed.), Limited company, Warsaw 2005.
22. Litwińska M. (1999), Lmited liability company agreement, publ. 2 , Warsaw 1999.
23. Litwińska-Werner M. (2007), Commercial Companies Code. Commentary, Ed. 3, Warsaw 2007.
24. Nowacki A. (2018), Limited liability company. Volume I. Commentary on Art. 151-226 CCC, Warsaw 2018.
25. Oczkowski J.F. (2014), Representation of a limited liability company by the supervisory board, “Monitor Prawniczy”, 2014, No. 17.
26. Pabis R. (2003), Limited Liability Company. Commentary, Warsaw 2003.
27. Pałasz A. (2017), We need to change our thinking about the role of supervision in companies, “Rzeczpospolita”, 26.10.2017.
28. Peszko A. (2006), Supervisory Board in the enterprise management process, Warsaw 2006.
29. Pinior P. (2013), Supervision of partners in a limited liability company, Warsaw 2013.
30. Pinior P. (2016), Prohibition of joining positions with membership in the supervisory board, “Gdańskie Studia Prawnicze”, Vol. 36, 2016.
31. Projekt Reformy Nadzoru Właścicielskiego, Ministerstwo Aktywów Państwowych, Portal Gov.pl (www.gov. pl), access: 18 March 2021.
32. Rachwał A. (2012), in: Włodyka S., Commercial companies law. Commercial Law System. Volume 2, Ed. 2, Warsaw 2012.
33. Siemiątkowski T. (2007), Civil law liability in capital companies, Warsaw 2007.
34. Strzelczyk K. (2011), in: Siemiątkowski T., Potrzeszcz R. (ed.), Commercial Companies Code. Comment. Title III. Capital companies. Section I. Limited liability company, Ed. 1, Warsaw 2011.
35. Strzępka J.A., Zielińska E. (2003), in: Commercial companies code. Commentary, Ed. 2, Edited by J. Strzępka, Warsaw 2003, 626-627.
36. Strzępka J.A., E. Zielińska (2015), in: Commercial companies code. Commentary, Ed. 7, Edited by J. Strzępka, Commercial Companies Code. Commentary, Warsaw 2015, p. 546-547.
37. Supervisory boards in Poland. What are their priorities? Where does their responsibility end? How do they work, Report, Deloitte 12/2019.
38. Szumański A. (2015), in: The law of capital companies. Private Law System. Volume 17A, ed. 2, Edited by St. Sołtysiński, Warsaw 2015.
39. Tomczak M. (2006), Limited liability company. User manual, Gdańsk 2006.
40. Wajda D. (2009), Duty of loyalty in commercial companies, Warsaw 2009.
41. Wyrwiński M. (2004), Limited liability company, Warsaw 2004.
42. Żak M. (2019), Corporate governance in the 21st century – towards the institutionalization of a new commercial law paradigm?, “Przegląd Prawa Handlowego”, No. 5, 2019.