Managing Corporations

Corporations as legal entities act over their law regulated bodies. What makes a company of a certain type are bodies within it which make a functionally regulated organization of that company. Bodies in a company are: Assembly as the highest body, Steering committee which runs affairs and represents the body and the Supervisory committee which supervises business management of the body. The Steering committee is elected by the Assembly and it is accountable for its work to the Assembly. The Assembly often elects the Supervisory Board as well, which controls the Steering committee and is responsible to the Stockholder Assembly. The Steering committee chooses an executive body – the management, to perform executive functions in the field of representation and business leadership of the body. The most important difference in managing structure of a Limited Liability Company and a Joint-stock company is that it is possible to revoke the members in the Steering committee or the director in a Limited Liability Company at any time without a reason, while in a Joint-stock company it is not possible considering that every body is sovereign in its domain without the possibility of any other body which is, in terms of status hierarchically “above” that body, to interfere in its the work scope