News
Non–executive directors may be held liable for damages suffered by the company
- 12/09/2016
Article 2392 of the Italian Civil Code provides that directors are held liable for damages suffered by their company, unless they do perform their duties with the diligence required by the nature of their office and by their own specific competence.
Recently, the Court of Cassation has taken into account the issue of the liability of non-executive directors towards their company. The first Section of the Court, with judgment no. 17441 of 31st August 2016, has confirmed that, in general terms, non-executive directors may not be held liable for the damaging consequences of the conduct of other directors. Anyway, the Court has highlighted that such a principle is subject to an exception. Indeed, non-executive directors are required to act so as to avoid that the conduct of other directors may be damaging to the company. Failing that, non-executive directors will be civilly responsible, along with the directors directly liable for the damage suffered by the company.
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