Duties and powers of the Supervisory Board in the context of approval of the financial year in a capital company in light of the amendments to the Commercial Companies Code

The powers and duties of the Supervisory Board in a capital company related to the approval of the financial year are of particular importance in light of the other powers and duties of this body, among others, due to the fact that they cannot be excluded under the provisions of the company’s Articles of Association or Articles of Incorporation, and without their implementation it is not possible to effectively approve the financial statements and pass any resolutions accompanying such approval. The amendments to the Commercial Companies Code of October 13, 2022, particularly in the section on joint-stock companies, introduced a number of new obligations for members of this body in this regard, which were intended to increase their involvement and activation in the tangible and real exercise of supervision in the company. At the same time, the Supervisory Board was equipped with the appropriate tools to fulfill its code obligations. The article will discuss both the powers and duties of the Supervisory Board regarding the approval of the financial year, including the required content of the Supervisory Board report and possible ways to verify documents and obtain information about the company.