Limited Liability Companies

Pursuant to the Hungarian Act on the Civil Code, a Limited Liability Company (in Hungarian: “Korlátolt Felelősségű Társaság”) may have one of the following organizational structures:

1. One or more Managing Directors (in Hungarian: “Ügyvezető”) and a Supervisory Board (in Hungarian: “Felügyelőbizottság”).
2. One or more Managing Directors only.

Joint Stock Corporations

Joint Stock Corporations (in Hungarian: “Részvénytársaság”) may be established either as a Private or a Public Joint Stock Corporations. Pursuant to the Civil Code, a Joint Stock Corporation may have one of the following organizational structures:

Private Joint Stock Companies:

1. A Board of Directors (in Hungarian: “Igazgatóság”) or a Chief Executive Officer (in Hungarian: “Vezérigazgató”) and a Supervisory Board (in Hungarian: “Felügyelőbizottság”).
2. A Board of Directors or a Chief Executive Officer only.

Public Limited Liability Companies:

1. A Board of Directors and a Supervisory Board.
2. A Council of Directors (in Hungarian: “Igazgatótanács”) only.

Please see, respectively, “Managing Directors”, “Board of Directors”, “Board of Directors/Chief Executive Officer/Council of Directors” and “Supervisory Board” in the left side menu for a more in-depth description of each structure, including how to change the respective board members.