Directors’ Duties in Hungary

>> Protecting Yourself in Hungary

  • Exercise care and independent judgement. Act reasonably, with integrity and commonsense. Challenge things when you are uncomfortable, and raise concerns promptly. Seek help and work as a team with your colleagues and Company functional specialists to get help and support where needed and find appropriate solutions.
  • Monitor the financial situation of the company continuously, whether or not you are the finance director. Ensure the right level and regularity of financial information is available, take time to review it and ask questions.
  • If you become concerned the company is in, or may face, financial difficulties, take steps to minimise losses and alert raise the issue immediately so that appropriate and timely advice can be provided. Do not simply keep quiet and hope for the best.
  • Regularly consider at Management Board (“MB”) meetings items ofkey importance to your entity, eg HS&E, export controls, employee issues, compliance and ethics considerations, key contracts. Maintain minutes of MB’ meetings.
  • Keep in mind the requirements of your employment contract and powers granted under the company’s constitution – do not exceed your powers.
  • Never sign a contract or licence without understanding what you are signing, being comfortable that you are authorised to sign it.

Latest version updated 22nd March 2018

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