French term
United Kingdom
The highest professional standards
Native in: English
Works in: Spanish to English, French to English
préjudice oblige
La doctrine définit le devoir de loyauté comme l’obligation pour le dirigeant d’adopter une attitude honnête ou comme « l’obligation, pour les dirigeants de société, de ne pas utiliser leurs pouvoirs ou les informations dont ils sont titulaires dans un intérêt strictement personnel, et, préjudice oblige, contrairement à l’intérêt de la société et à celui des associés » (H. Le Nabasque)
The rest of the sentence poses no problem at all, only the two words of the question. It sounds very much like it relates to Article 1240 of the Civil Code (tort liability/obligation to repair damage), but whether or not that is the case, I am finding it very hard to relate it to the rest of the sentence.
Thank you in advance.
Aug 16, 2017 16:42: Sandra & Kenneth Grossman changed "Level" from "Non-PRO" to "PRO"
PRO (3): philgoddard, Yolanda Broad, Sandra & Kenneth Grossman
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Discussion
I wouldn't worry too much about going beyond that point here. There is no mention of having to remedy any damage caused, etc. That may be the case, it may be true, but no mention is made of that particular point here. The FR limits itself to the mention of not doing anything prejudicial to the company or other drectors/partners. And there is more than one way to do so! ;-)
P.S. In your main post, I'm not sure what you mean by "tort liability/obligation to repair". If you are referring to the Civil Code then you are probably meaning "statutory liability" or "statutory duty". ;-)
The doctrine defines the duty of loyalty as conferring upon the director an obligation to behave in an honest manner, or as “the obligation, for company directors, to refrain from using their powers or information they hold for personal gain, and, in view of the prejudice that would be caused, contrary to the interest of the company and to that of the partners.”
Its unlikely I can summarise that in a two-word phrase, but perhaps something like "...for personal gain or, having regard to the statutory obligation to repair any damage caused, contrary to the interests of the company"?