Directors' duties—directors' interests: CA 2006, ss 175–177
Published by a LexisNexis Corporate expert
Practice notesDirectors' duties—directors' interests: CA 2006, ss 175–177
Published by a LexisNexis Corporate expert
Practice notesThe main directors’ duties developed by the courts were set out in statute for the first time in sections 171–177 of the Companies Act 2006 (CA 2006), and all of those statutory duties (general duties) are set out in Practice Note: Directors' duties—scope, nature, interpretation and application. the chartered governance institute (CGI) has also published guidance on directors' duties. See: The Chartered Governance Institute guidance on directors' general duties.
The fifth, sixth and seventh general duties are:
- •
the duty of a director to avoid a situation in which the director has, or can have, a direct or indirect interest that conflicts, or possibly may conflict, with the interests of the company (the duty to avoid conflicts of interest)
- •
the duty of a director not to accept a benefit from a third party conferred by reason of the director being a director, or their doing (or not doing) anything as director (the duty not to accept benefits from third parties), and
- •
the duty of a director to declare if they are in any way, directly
To view the latest version of this document and thousands of others like it,
sign-in with LexisNexis or register for a free trial.