The Companies Act 2014 will enter into force on Monday 1 June 2015. The bulk of the legislation will become operative on this date, with the commencement of a small number of provisions being deferred.
As expected, these include the following six provisions which will only apply in respect of financial years beginning on or after 1 June 2015:
- Section 167 - audit committees;
- Section 225 - directors' compliance statement;
- Section 305(1)(b) and Section 306(1) – disclosure of directors' remuneration and gains on exercise of share options;
- Section 326(1)(a) – list of directors of company during financial year in director's report; and
- Section 330 - directors' audit confirmation.