The Civil Responsibility of Company Management

Company governance body – sole or collegiate – participates in ambivalent relationship. At one hand they take part in every action inside the company, on the other hand they are involved in correlation with the third parties out of the company. Those two mentioned types of relationships are respectively called internal and external relationships. In the master paper it is anylised the liability of the company executives, which emerge in both types of relationships. An extensive attention is paid to the newly recognised instute of Lithuanian Law – fiduciarial obligations to the company and its members.It covers the essence of internal relationships. This includes obligations of bona fides, discretion and equity, also described obligations of confidentiality and loyality to the company. Also it was mentioned obligations of the evasion and disclosure of the conflicts of interests in the company and use of the company property satisfying personal needs implemented in the Civil Code of Lithuania. The external relationship covers the obligation of the company reimburse the damages to the third parties, and only after that they obtain the right to regress all the suffered damages, which were suffered by the guilt of the company governance body according to Lithuanian Laws and The Supreme Court practice. It was mostly refered to the Lithuanian Courts decisions and settled practice, also were analysed Lithuanian Civil Code and other Laws provisions reffered to the topic in the final paper. It was also paid attention to the foreign countries experience in implementation of the provisions mention above