On 14 January 2008, the Institute of Company Secretaries and Administrators (ICSA) published a guidance note dealing with the new statutory provisions on directors' duties contained in the Companies Act 2006. The guidance note is intended to provide directors with practical guidance on their new general duties.
Although, the guidance note is primarily aimed at directors of quoted/ public companies, much of the note can also be applied to private companies. The note provides helpful practical guidance on those provisions of the new law on directors' duties that came into force on 1 October 2007. It also provides guidance on those provisions that will come into force on 1 October 2008 (which deal generally with directors' conflicts of interest).
A copy of the paper on directors' duties published in February 2007 by the GC100 (Association of General Counsel and Company Secretaries of the FTSE 100) is appended to the ICSA guidance note. The GC100 paper sets out the views of the GC100 as to how companies and their advisers can put the new law into practice by suggesting best practice guidelines.
A copy of the ICSA guidance note is available on the ICSA website which you can access by clicking here