UK: GC100 guidance on the duty of directors to promote the success of the company

GC100 - the "voice of general counsel and company secretaries working in FTSE 100 companies" - has published guidance on the duty imposed on all directors to promote the success of the company under section 172 of the Companies Act 2006: see here (pdf). A copy of the news release accompanying the guidance is available here (pdf).

The GC100 was invited to publish its guidance as one of the outcomes of the Government's corporate governance reform green paper. The guidance focuses on how to comply with the section 172 duty, in particular the requirement, in promoting the success of the company for the benefit of its members, to have regard to various factors including the interests of the company's employees, the impact on the community and environment and the need to act fairly as between members of the company.