Abstract
The purpose of this paper is to critically analyse the interpretation of the concept of the fiduciary duties and consider the requirements that a director must comply with. The method used in this paper is the comparative analysis.
As a basis of the comparative analysis it is chosen the British concept of fiduciary duties which is compared with the Czech concept of the care of a prudent manager. The author examines the British concept of fiduciary duties, focuses on introduction into the system of general duties of directors, explains the fiduciary position of a director and address core of the duty of loyalty, i.e. the duty to avoid conflicts of interest and concludes with the remedies provided in case of breach of the duty by a director.
Thereafter, the author concentrates on the Czech concept of the care of the prudent manager, provides an analysis of the relevant statutory provisions of the New Civil Code and Act on Business Corporations and reviews the Czech academic discussions as to the duty of loyalty. The comparative analysis of the Czech and British concept the duty of loyalty is focused on the similarities and differences of those two legal systems and aims to provide suggestions based on the British judicature for the Czech legal system after the recodification.