Up to now, a joint stock company could have any number of members in its supervisory board so long as this number was stated in its statutes, however an amendment to Act No. 90/2012 Coll., on Commercial Companies and Cooperatives (on Business Corporations), has introduced an important change (the “Amendment”).
Joint stock companies with more than 500 employees will now need to adjust the number of members of their supervisory board so that this figure is divisible by three. These supervisory boards must, thus, have at least three members.
The Amendment was announced on December 30, 2016 and it came into effect on January 14, 2017. Existing joint stock companies with more than 500 employees must ensure that their statutes and supervisory boards comply with the Amendment within two years of its taking effect, i.e. by January 14, 2019.