Covid-19: Key considerations concerning meetings of corporate bodies of limited liability and joint stock companies
We are discovering from our clients that the uncertainty of current situation with COVID-19 is influencing already convened or planned meetings of the corporate bodies of Polish limited liability (LLC) and joint stock companies (JSC). This is of importance considering the approaching season of annual shareholders meetings of the companies where majority of shareholders may start thinking whether it is safe to attend such meetings in person under current circumstances.
Cancellation of airplane transfers to Poland, closure of borders for foreigners and obligatory quarantine for Polish citizens are serious obstacles for holding the shareholders’ meetings in a proper way. The companies need to be prepared for various scenarios, including the way of managing the situation where the members of the corporate bodies will not be able to be physically present at the shareholders’ meeting and/or management/supervisory board meeting. Additionally, the above restrictions and further consequences of COVID-19 may be problematic when the respective regulations require the minimum quorum in order to validly adopt certain resolutions. These are only some examples of problems that the companies are currently facing or will face soon.
Polish law brings some useful measures which may help the corporate bodies of the companies to hold planned meetings and adopt necessary resolutions.
Please click here to read a few tips on how to undertake such actions in more feasible way.