The provisions of the Act are coming into force in stages, with all provisions expected to be in force by 1 October 2009. GC100 has published an information pack to help companies prepare for the requirements of the Act that will come into force on 1 October 2008. Changes coming into effect on 1 October 2008 include: the introduction of new statutory duties for directors in relation to conflicts of interest; the abolition of the financial assistance prohibition for private companies; and the introduction of a new capital reduction procedure for private companies. The pack focuses on the new statutory duties for directors in relation to conflicts of interest.
The pack includes: a briefing note for directors outlining the new statutory duty to avoid conflicts and the other statutory duties that come into force on 1 October; a checklist for company secretaries to help ensure the directors will be in compliance from 1 October; and a questionnaire for directors to help them to identify conflicts of interest for subsequent authorisation by the company's board.
To review these documents please click on the links to PLC Corporate below: