Advisory Case on Board Composition and the Method of Expression of Intent by Co-Representative Directors

1. The Client's Situation

The advisory company (hereinafter the "client") required a legal review regarding the composition of its board of directors, the manner in which co-representative directors express their intent, and the procedure for interim dividends. In particular, it sought to explore the possibility of a resolution by the representative director alone and ways to minimize legal risks.

Your Legal Team reviewed the Commercial Act and the articles of incorporation, and clearly organized matters such as whether decision-making by the representative director alone is possible without a board of directors, the signature requirements for co-representative directors and the possibility of exceptional recognition, and the method of proceeding with interim dividends without a board resolution, and guided the client through procedures that are safe in practice.

Based on Your Legal Team's advice, the client was able to clearly organize its internal decision-making procedures and reduce legal risks.