Ügyvezet

Ügyvezet, usually written ügyvezető, is a term used in Hungarian corporate law to denote the person responsible for managing and daily administration of a company, and for representing the company in legal matters. The term corresponds to English "managing director" or "executive officer." Depending on the form of business entity, the position may be called ügyvezető, ügyvezető igazgató, or vezérigazgató.

Role and powers: The ügyvezető directs the company’s day-to-day operations, implements strategic decisions adopted by the owners or board, oversees staff and finance, ensures regulatory compliance, and signs contracts on behalf of the company. The scope of authority is set out in the articles of association or in a resolution of the competent corporate body; acts beyond the ordinary course of business may require additional authorization or board/owner approval. The managing director typically has representation rights (képviseleti jog) before authorities, courts, and third parties.

Appointment and tenure: The ügyvezető is typically appointed by the company’s governing body. In a Kft., the members appoint the ügyvezető or a group of them, while in a Rt, the board of directors appoints the managing director. Removal or replacement follows the same governance path and is usually governed by the articles of association or a shareholders’ resolution. The tenure may be fixed or at-will, depending on the governing documents.

Relation to governance: The position carries fiduciary duties to the company and its owners and requires compliance with applicable laws, financial reporting standards, and corporate governance norms. See also: corporate governance, board of directors, signatory authority.