engleski

Introduction of the Business Judgment Rule into Croatian Legislation

The business judgment rule has been introduced into Croatian legislation by the latest changes of legislation considering the company law. It is being introduced simultaneously with the introduction of the monistic system and it represents continuous harmonization with legal aquis of EU which has been implemented intensively since 1993. when the Commercial Companies Act, which signified a thorough change in the domain of legal entities in the Republic of Croatia and created conditions for market economy, was adopted. In this paper, the business judgment rule has been analyzed and compared with the earlier regulated standard of business diligence as well as with developed legal practice in such area within the US legal system. The paper outlines analysis of existing condition and debates on application and introduction of the business judgment rule into Croatian judiciary practice that, upon expiry of more than one decade, matured sufficiently in a way to introduce monistic (one tier) organization of bodies and all legal rules arising therefrom. In this paper, authors outline the business judgment rule in the Croatian legislation and compare it with the “business judgment rule“ of the American legal system.

business judgment rule; monistic system; Croatian judiciary practice; judgment rule; market economy

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