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Under section 177, when directors are on both sides of a proposed contract, for example where a person owns a business selling iron chairs to the company in which he is a director, [17] it is a default requirement that they disclose the interest to the board, so that disinterested directors may approve the deal.
Under section 177, when directors are on both sides of a proposed contract, for example where a person owns a business selling iron chairs to the company in which he is a director, [154] it is a default requirement that they disclose the interest to the board, so that disinterested directors may approve the deal.
Logo of the Financial Reporting Council. The UK Corporate Governance code, formerly known as the Combined Code [1] (from here on referred to as "the Code") is a part of UK company law with a set of principles of good corporate governance aimed at companies listed on the London Stock Exchange.
Directors' duties are a series of statutory, common law and equitable obligations owed primarily by members of the board of directors to the corporation that employs them. It is a central part of corporate law and corporate governance. Directors' duties are analogous to duties owed by trustees to beneficiaries, and by agents to principals.
Formation of a public limited company requires a minimum of two directors and one secretary (differing from country to country: in India three directors are required). In general terms anyone can be a company director, provided they are not disqualified on one of the following grounds:
The responsibilities of board secretary include preparing meetings of shareholders and boards of directors, maintaining company records and shareholders information, dealing with information disclosure etc. Relevant listing rules in China further clarify that the secretary of the Board is a managerial position.
This category is for "Companies Act companies", which are companies that are created under the 1985 or 2006 Companies Acts, and registered with Companies House as normal, but are fully or partly-owned by the UK Government. Other types of company should go into the relevant sub-category. Companies portal
The extent of the director’s responsibility for any failure by the directors of the company to comply with— (a) s. 226 or s. 227 (duty to prepare annual accounts), or (b) s. 233 (approval and signature of accounts). Where the company has become insolvent. The extent of the director’s responsibility for the causes of the company becoming ...