As of 1 July 2021 the Act on management and supervision of legal entities will be effective (the "Act").
The Act aims to harmonize the management and supervision rules applicable all Dutch legal entities (including NVs / BVs, cooperatives and foundations). Our news item of 19 January 2021 includes a brief overview of the upcoming changes.
Important to note
The provisions of the Act are applicable immediately after the entry into force of the Act.
Regarding foundations and cooperatives (and associations and mutual benefit organizations) transitional law applies for new provisions regarding:
- Conflict of interest;
- Absence or inability; and
- Multiple voting rights.
Furthermore, it is intended for NVs that the articles of association regarding the rules for absence or inability of supervisory board members (if applicable) should be updated in case of an amendment to the articles of association executed upon 1 July 2021 (the same rule already applies to BVs).
In case you have any questions regarding the Act or your corporate governance? Please contact us: