Directors’ and Commissioners’ Liability for Misleading Financial Statements
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Abstract
Financial statement fraud threatens corporate accountability and investor confidence, particularly when misleading disclosures involve directors and commissioners. This study examines the fiduciary responsibilities of corporate organs and the boundaries of criminal liability for fraudulent financial reporting. Using normative legal research, the study applies statutory and conceptual approaches supported by corporate governance and accounting fraud literature. The findings indicate that fiduciary responsibility requires directors to exercise reasonable care and loyalty, while commissioners must undertake accountable supervision. Civil liability depends on legally attributable misconduct, losses, and relevant causal relationships. Criminal responsibility requires separate assessment of prohibited conduct, culpability, and evidence under applicable capital market legislation. Material accounting misstatements cannot automatically establish fraudulent intent or individual criminal guilt. Internal records, audit findings, and electronic evidence may assist legal assessment when their reliability is established. Clearer accountability standards are necessary to distinguish managerial negligence from deliberate deception and protect corporate stakeholders.
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