Cross-border Enforcement of Listed Companies' Duties to Inform (IVOR nr. 87) 2012/4.5.0:4.5.0 Introductie

Cross-border Enforcement of Listed Companies' Duties to Inform (IVOR nr. 87) 2012/4.5.0

4.5.0 Introductie

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Investors who claim damages from the issuing company X S.A. and/or its executive directors (directeur généraux) and/or non-executive directors (administrateurs) are confronted not only by the burden of proof in regard to the aforementioned conditions to establish liability on the basis of section 1382 FCC, but also by impediments derived from company law provisions.

Before analysing which persons are responsible for the prospectus, an overview of the French company law provisions with respect to one tier board and two tier board structures is provided. In Table 4.1, the executives, i.e. persons who can bind the company towards third parties, and the non-executives are indicated. In the rest of this chapter, the term `executive director' (dirigeants) refers to the executives and 'non-executive director' refers to the non-executives.

Table 4.1

One Tier Board

Two Tier Board

non-executive board

Board of Directors1(Conseil d'Administration)

executives

chairman of the BoD2(Président-Directeur-Général)

executive officers3(Directeurs-Généraux)

non-executives

Directors (Administrateurs)

executive board

board of officers (BoO) (Directoire)

executives

chairman of Bo04(Président du Directoire)

executive officers5(Directeurs-Généraux)

sole executive officer6(Directeur-Général unique)

supervisory board

supervisory board (Conseil de Surveillance)

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