The FRC has published guidance aimed primarily at companies and their directors on the use of auditor liability limitation agreements. The guidance explains what is and is not permitted under the Companies Act 2006, what should be covered in any agreement and the process by which companies can obtain shareholder approval to the limitation of auditor liability. It also contains sample wording for agreements and the necessary company resolutions and notices. In particular, it considers the requirement that agreements must be "fair and reasonable", a concept the courts will ultimately be required to define.
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