Who elects the members of the Administrative Board of Trustees after the amendment to BCA comes into effect?
New members of the Administrative Board are explicitly elected and removed by the General Meeting, unless the Articles of Association stipulate that the right to appoint or remove one or more members of the Administrative Board is attached to a share.
What about employee participation in the Administrative Board after the amendment to BCA?
The amendment to the BCA does not provide for the employee participation in the Administrative Board (monistic system).
What is the deadline for the monistic joint-stock companies to bring their Articles of Association in compliance with the amendment?
All the monistic joint-stock companies concerned are obliged to suitably modify their statutes to be in compliance with the amended version of the BCA no later than 1 year from the effective date of the amendment, i.e., by January 1, 2022. After that date, all parts of the statutes that conflict with the amendment shall cease to be valid and effective.
If you are planning to transform your company to the monistic internal structure, the best time is to do it from 1.1.2021. If you already have a monistic joint stock company, you need to harmonize the statutes from 1.1.2021 onwards.