Immediate action needed to address conflicts of interest law
British businesses need to move more quickly to ensure they comply with new laws governing directors’ conflicts of interest, UK law firm Dundas & Wilson has warned.
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
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