The changing landscape of Directors’ Duties

This article describes some of the additional duties and requirements arising under the Companies Act for directors, especially those of larger companies and also provides some guidance on steps which directors should consider taking now that the Act is in force since 1 June 2015 to comply for the new regime.

Some of the main areas highlighted include:

  • Codification of fiduciary duties
  • Practical consequences of codification
  • The new “compliance statement” regime - consequences of compliance
  • New duties regarding secretaries
  • Audit committees required for “large” companies
  • New statutory audit confirmations from directors
  • New penalties and liabilities for directors

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