Company Management in Montenegro
Company Management in MontenegroUpdated on Sunday 28th January 2018
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The company management in Montenegro influences a lot the activities of a business, since the individuals who are part of the top management are the ones setting the outline a business will follow. The purpose of a company management is to minimize the risks involving the company operations, as well as to adopt strategic measures to rise the profits of the business.
Our lawyers in Montenegro can offer more details on the main aspects of a company management here.
Responsibilities of the board of directors in Montenegro
In Montenegro, the following legal entities require at least one director:
• A JSC (joint stock company).
Our law firm in Montenegro can help you set up such legal entities here.
Corporate directors are allowed in case of a branch or a representative office in this country.
When it comes to the obligations of the board of directors, some of these are:
• To behave in good faith and for the benefit of the business;
• To practice due care and rules of professional conduct when making decisions;
• To make sure that the correct measures are adopted to appropriately oversee the activities of the company and that the responsibilities are assumed by it;
• To offer the appropriate consideration to every matter decided by the board;
• To practice powers only for the appropriate company purposes;
• Other responsibilities: our attorneys in Montenegro can offer more details on what these other responsibilities consist of.
Evaluation of the board of directors in Montenegro
The board of directors in Montenegro has to analyze and evaluate the quality and efficiency of its activities at least one time per year.
The procedure of the board of directors’ evaluation has to include, among others:
• An evaluation of the operational work quality of the board of directors;
• An evaluation if the crucial issues were appropriately prepared and taken into account;
• An evaluation of each member of the board of directors’ contribution to the work of his special activity, mainly in connection with their presence at the sessions of the board and with the constructive contribution to decisions and discussions;
• An evaluation of the structure of the board of directors in Montenegro in terms of the need for likely revisions for the definite criteria;
• Other evaluations: our Montenegro lawyers can offer more information on what these other evaluations consist of.
If you have further questions about the business organization in Montenegro, or for assistance in opening a business in this country, please contact our Montenegro law firm.