Conformitatea legislativă a deciziilor de afaceri ale administratorilor – o problemă de drept evidentă? (II)
Legislative compliance of the business decisions of the administrators – an obvious legal issue? (II)

Summary/Abstract: Increasing the volume of the regulations influences the activity of the companies and of the administrators, implying the risk of the liability of the latter to the company for business decisions non-compliant from a legal point of view. In Part I of the study it was analyzed the legal regime of the obligation of the administrators to comply with the law and the implications of intentionally making business decisions contrary to the law. The conclusion is that the obligation to comply with the law can be seen as an independent obligation or can be explained through the doctrine ultra vires, but it can also be associated with the obligations of loyalty and diligence. Part II of the study examines whether there are potential exceptions that may justify the making of some decisions non-compliant from a legal point of view and whether the liability of administrators could be excluded or limited in certain situations. In principle, the profit-making, the attainment of other interests for the company or the ratification of the decision by the shareholders is not able to justify and to exclude the liability of the administrators for making decisions contrary to the law. Likewise, these decisions exclude the application of some guarantees against liability such as the business judgment rule, the liability clauses and the liability insurance. However the social, economic and technological transformations accompanied by the inefficient legislation and the phenomenon of regulatory entrepreneurship can provide arguments sufficiently convincing so as to change the paradigm as concerns the obligation of compliance. Although the proposed problems and solutions seem to be obvious, the study discusses some aspects not addressed in the local doctrine, but which do not lack theoretical and practical importance.

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