Russian Director Liability: Meaningful Steps Toward a Workable Fiduciary Duty Standard

    View Author November 2013

    On August 20, 2013, the Supreme Arbitrazh (Commercial) Court of the Russian Federation (the “SAC”) issued Resolution of Plenary Session No. 62 “On Certain Matters of Compensation of Losses by Members of a Company’s Governing Bodies” dated 30 July 2013 (the “Resolution”). The Resolution represents a huge initial stride in clarifying the duties of officers and directors of Russian companies and could have a profound positive impact on corporate governance practices of Russian commercial organizations as a result of providing a more coherent roadmap for guiding conduct and pursuing civil relief against officers and directors who act in violation of their fiduciary duties to the companies they serve.

    This publication explains the details of the Resolution in relation to directors and officers.