The modernized Сivil Сode clearly and explicitly states that while managing the company’s business, the administrator must act by choosing the path he/she considers best to achieve the goals of the legal person.
The administrator, from a legal point of view, must take into account the following in the process of managing the company:
- the likely long-term consequences of the way he/she acts;
- the interests of the employees of the legal entity;
- the need to encourage the legal entity’s relationships with suppliers, customers, and other co-contractors;
- the impact of the legal person’s activity on the community and the environment;
- the desire to maintain a reputation that the legal person operates to high standards in its field of activity;
- the need to treat the members of the legal person fairly.
Recommendation: Familiarize yourself with the new legal obligations of administrators.
The Сivil Сode can be accessed at the following link (art. 186).