GC100 issues guidance for senior counsel on Companies Act reforms
The GC100 has published a set of guidelines to help senior lawyers deal with closely-watched legislation on directors' conflicts of interest. The body released the note last month to help companies and in-house legal teams manage the new regime governing directors' conflicts under the 2006 Companies Act. Under the new provisions, which come into force in October, directors at listed companies will have additional duties to avoid conflicts, although boards will retain limited rights to approve a conflict situation. The note, which has been reviewed by the Association of British Insurers, gives examples of situations that fall within the new conflict provisions and also addresses changes companies should make to their articles of association.
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