Supervisory board members can now be held liable for ensuring that their company's financial and management reports comply with the requirements of Accounting Act.

The new rules apply to 2008 and subsequent reports. Previously, this liability only applied to management board members.

Where reports do not fulfil the statutory requirements, both management and supervisory board members may now be held liable for any resulting loss suffered by the company.

Law: change to the Accounting Act

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The original publication date for this article was 29/06/2009.