SLOVAKIA Law and Practice Contributed by: Lukáš Michálik, Peter Makýš and Šimon Hora, Ments s.r.o.
11.2 Special or Ad Hoc Committees The market standard is not currently developing in such a way that the establishment of ad hoc committees would be a common practice. This is not often seen on the Slovak market. 11.3 Board’s Role The board of directors is usually actively involved in negotiations. However, since publicly traded companies are not very common in Slovakia, the common practice is that the board of directors acts on the basis of a strategy that has previ- ously been approved by shareholders or the supervisory board. In the case of publicly trad- ed companies in the local market, it is the case that the company has one majority shareholder who actually owns and controls the company but, for certain reasons, it is listed on the stock exchange. In such cases, the managers usually have a close relationship with the shareholder and, therefore, they directly conduct negotia- tions and actively cover the whole project.
11.4 Independent Outside Advice Most projects and companies have consultants of various types. In addition to legal advice, many companies also have tax and financial advisors who help with setting up the structure of the project and ensure its optimisation. Recently, the practice of complex transaction advisory is growing, on the basis of which the company receives a comprehensive service and the ser- vice provider will cover the entire transaction. In relation to management consultants, which are common in western companies, this practice has so far penetrated most of the major com- panies only slightly. The largest management consulting firms in Slovakia do not even have a presence, and their role in consulting is often substituted by smaller firms or other advisors.
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