The Hundred Group of Finance Directors and General Counsel (GC 100) has published guidance, a checklist and a questionnaire to help directors ensure that they are in compliance with provisions contained in the Companies Act 2006 that relate to directors’ duties on conflicts of interest.
The Companies Act 2006 provisions relating to directors’ conflicts of interest come into force on 1 October 2008. This is relevant for trustee directors of companies that act as pension scheme trustees. For background please see EPB bulletin 17 December 2007 and our March 2008 briefing: Companies Act 2006: what do directors of pension corporate trustees need to know?
Clients are also reminded that on 22 February 2008 the Pensions Regulator (TPR) published its consultation document on guidance for trustees relating to conflicts of interest. We are expecting TPR to publish its final guidance in late summer 2008. We will update clients as soon as the final guidance is published. For background on the draft guidance please see our March 2008 briefing: Pensions Regulator’s draft guidance on conflicts of interest checklist: for trustees.