||The subject matter of the thesis is the duties of general nature imposed by private law on the management of a corporation, predominantly a Czech one. The thesis utilizes the outcome of the law & economics movement: primarily the discussion of the theory of portfolio and the theory of effective markets implications. Furthermore, it draws on U. S. legal concepts, especially of the duty of loyalty, the duty of care and the business judgment rule. Initially, the thesis is concerned with the management's relationship towards risk and with its responsibility for the inadequate exercise of its duty. The next chapter is aimed at the possibility of reprimanding the managers who have breached their duty of loyalty. Subsequently, the thesis deals with the reasons for and against the permissibility of the contractual limitation of management's general liability. As the final and core point, the description and evaluation of the pertinent Czech law is given. In doing so, advantage of knowledge and observations acquired in the previous chapters is extensively taken.