Earlier this year the Department for Business, Innovation and Skills published a consultation paper concerning the scope of the requirement for disclosure of directors' loans in company accounts under Section 413 of the Companies Act (2006). The paper outlined various proposals for amending Section 413 as part of the Government's review of the adequacy of information provided to shareholders and other users of accounts in respect of directors' loans.Responses to the consultation have now been published (see here - .zip file) along with the Government's response (see here - pdf). The Government proposes, in the short-term, amending the 2006 Act in order to clarify the disclosure required by banks in respect of directors loans, credits and guarantees.
Hello,
ReplyDeletesorry for leaving a comment under this post but I am searching for materials about fiduciary duties of shareholders and I found this blog in the google. I found quite a lot of materials about shareholder's loyaylty in the US law byt cannot find abything about shareholder's duty of fair conduct under British law. So I have a question: is there a fiduciary duty of shareholders under British law or does it exists on the basis of court verdicts???
Katharina