Immediate action needed to address conflicts of interest law

From 1 October 2008, every director must comply with three new statutory duties and a separate obligation relating to conflicts of interest between a director and the company.

The new law will mean that every director will have to actively avoid potential conflicts of interest. To comply, publicly-owned companies must amend their articles of association to allow the other, non-conflicted directors to authorise a particular director’s conflict. Existing private companies can make similar cons