The one-tier board bill has been approved by the First Chamber of Parliament. The bill may take effect on 1 January 2012. The Minister of Justice has responded to a number of points raised by members of parliament about the bill, including:

  • Position of non-executive directors: according to the Minister, independent supervision will exist in both the one-tier and two-tier board model. In the one-tier board model, supervision can be carried out more actively, as non-executive directors are part of the board and involved in its decision making.
  • Liability of directors: an individual director can be cleared of wrongdoing if no serious blame can be attributed to him given the division of tasks between directors. Exculpation is not possible if the director has been negligent in taking measures to counter the effects of mismanagement.