Das Vertrauen des Vorstandsmitglieds auf Rechtsauskünfte

»Defense of Reliance on Legal Advice«

The question of the prerequisites under which executive board members of German stock corporations may rely on legal advice is of fundamental and everyday importance to the legal consulting practice. It is therefore all the more critical that these prerequisites as well as the preceding due diligence requirements of executive board members concerning legal judgements and the existence and scope of an obligation to comply with the law are still not clearly set out in case law and the literature. This legal uncertainty leads to excessive caution in practice and, in addition to increased legal consultancy costs, may even lead to refraining from economically advantageous measures.
Applying the dogmatic determinants resulting from the relevant directors' liabilities, Thomas Diekmann pursues a holistic approach in his thesis and develops the due diligence requirements the observance of which justifies the reliance of executive board members on legal advice.