The Companies Act 2006 – 1st October 2009 Implementation
1st October 2009 marks the conclusion of the phased implementation of the Companies Act 2006, the largest ever statute and a major modernisation of UK company law.
There are, as you would expect from such a mammoth piece of legislation, many changes which will have an impact on companies and their directors. The most high profile changes include the new statutory statement of directors' duties – the directors of Diageo have surely had to grapple with the new duty to promote the success of their company and the requirement to have regard to the impact on the local community and employees of their decision to close the Johnnie Walker bottling plant in Kilmarnock.
In addition to such high profile changes there are many other changes, influenced by the "think small first" guiding principle, which should have a positive impact upon the day to day conduct of business.
You need be aware of these changes to enable you to take advantage of them and to ensure that you comply with your duties as a director. To help and guide you we have produced a Briefing Note which addresses the latest provisions which have been brought into force and the practical implications of their introduction, as well as providing a brief summary of the other main provisions of the 2006 Act which have already been introduced over the past 2 years.
For further information please contact: Bill Fowler
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