Friday 12 May 2017

Bhutan: the Companies Act 2016 and the pursuit of gross national happiness

A copy (in English) of the Companies Act 2016, which contains Bhutan's new company law framework, is now available: see here (pdf). The influence of the UK's Companies Act 2006 can be seen: compare, for example, sections 161 and 162 of the 2016 Act with section 172 of the UK's Companies Act 2006. The differences between the UK and Bhutan become apparent, however, when looking at section 163 of the 2016 Act, which requires (to quote the English translation), the establishment of "...a Code of Conduct for the governance of companies which shall promote those conditions that will enable the pursuit of Gross National Happiness in accordance with Article 9, section 2 of the Constitution of the Kingdom of Bhutan".

No comments: