English to Lithuanian Bus/Financial Law: Contract(s)

In many instances, a directors conflict of interest can be authorised by the directors by way a majority vote. Needless to say, however, only those directors who are not themselves interested in the matter are permitted to vote.

[...] even non-conflicted directors are not permitted to directly authorise a third party benefit and so may instead require shareholders approval.

[...] shareholders can pre-authorise a conflict situation by what’s known as an ordinary resolution, ie; more than 50% support from those shareholders voting. A director who is also a shareholder can participate in the vote, even if he is one of the directors interested in the matter being authorised.