Asen Vodenicharov – Department of Civil Law, Faculty of Law and History, South-West University „Neofit Rilski”, Bulgaria
6th International Conference – ERAZ 2020 – KNOWLEDGE BASED SUSTAINABLE DEVELOPMENT, Online/virtual, May 21, 2020, CONFERENCE PROCEEDINGS
Published by: Association of Economists and Managers of the Balkans – Belgrade, Serbia
Conference partners: Faculty of Economics and Business, Mediterranean University, Montenegro; University of National and World Economy – Sofia, Bulgaria; Faculty of Commercial and Business Studies – Celje, Slovenia; Faculty of Applied Management, Economics and Finance – Belgrade, Serbia
ISSN 2683-5568, ISBN 978-86-80194-33-2, DOI: https://doi.org/10.31410/ERAZ.2020
The Supervisory organ is a compulsory element in the governance structure of the European
Structures for Business Association, namely the European Company (Societas Europaea) and the
European Cooperative Society (Societas Cooperativa Europaea) that have chosen a two-tier system
for their organizations. The organ under consideration presents a hybrid regulatory framework. On
the one hand, these are the provisions in the regulations of the European Union, and, on the other, the
national law regulations.
The organ in question has specific characteristics. Its members are elected by the General meeting. The
staff of the first supervisory board may be appointed in the statues. This should apply without prejudice
to any employee participation arrangements determined pursuant to Directive 2003/72 / EC.
The members of the Supervisory organ are elected for the term specified in the Statute of the association.
Their maximum term of office after the expiry mandate date may not exceed six months. The
package of powers includes constitutional, authoritative and controlling rights and obligations. The
supervisory organ shall elect and dismiss members or an individual member of the management organ.
In cases explicitly provided for in the statute of the association, a certain category of legal transactions
cannot be concluded by the management organ without the permission of the supervisory organ. Its
controlling functions are particularly important. The supervisory organ shall supervise the duties performed
by the management organ. It may not itself exercise the power to manage the associations. The
supervisory organ may not represent the associations in dealings with third parties. It shall represent
the associations in dealings with the management body, or its members, in respect of litigation or the
conclusion of contracts. The management organ shall report to the supervisory body at least once every
three months on the progress and foreseeable developments of the association’s business, taking into
account any information relating to undertakings controlled by the association that may significantly
affect the progress of the association business. The members of the Supervisory organ are holders of
Civil liability. Its legal basis is the relevant rules in the national law relating to joint stock companies or
cooperative organizations in the Member States in which they have registered their office. This liability
is based on the possible damage caused by illegal or incorrect acts or actions.
Supervisory organ, European Company, European Cooperative Society, Management organ,
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OJ L 294, 10.11.2001, p. 22–32.
 Council Regulation (EC) No 1435/2003 of 22 July 2003 on the Statute for a European Cooperative
Society (SCE). OJ L 207, 18.8.2003, p. 1–24; Council Directive 2003/72/EC of
22 July 2003 supplementing the Statute for a European Cooperative Society with regard to
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 Austria – Aufsichtsrat; Belgium – Conseil de surveillance; raad van toezicht; Bulgaria
– Надзорен съвет; Germany- Aufsichtsrat; Greece – Εποπτικό Όργανο; Denmark – Tilsynsorgan;
Estonia – Nõukogu; Ireland – Supervisory board; Spain – Consejo de Supervisión;
Italy – Consiglio di Sorveglianza; Cyprus – Εποπτικό όργανο; Latvia – Uzraudzības
struktūrvienība; Lithuania – Stebėtojų taryba; Luxemburg- Aufsichtsorgan; Malta – Bord
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Board; Poland – Organ nadzorczy; Portugal – Um órgão de fiscalização; Romania – Organ
de supraveghere; Slovakia – Dozorný orgán; Slovenia – Nadzorni organ; Hungary
– Felügyeleti szerv; Finland – Hallintoneuvosto; France – Conseil de surveillance; Croatia
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