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  2. Directors' duties in the United Kingdom - Wikipedia

    en.wikipedia.org/wiki/Directors'_duties_in_the...

    The first director's duty under section 171 is to follow the company's constitution, but also only exercise powers for the "proper purpose" relating to the power. [4] Prior proper purpose cases often involved directors plundering the company's assets for personal enrichment, [ 5 ] or attempting to install mechanisms to frustrate attempted ...

  3. Directors' duties - Wikipedia

    en.wikipedia.org/wiki/Directors'_duties

    s.173 Companies Act 2006; Directors cannot, without the consent of the company, fetter their discretion in relation to the exercise of their powers, and cannot bind themselves to vote in a particular way at future board meetings. [16] This is so even if there is no improper motive or purpose, and no personal advantage to the director.

  4. Board of directors - Wikipedia

    en.wikipedia.org/wiki/Board_of_directors

    Under the act, directors risk large fines and prison sentences in the case of accounting crimes. Internal control is now the direct responsibility of directors. The vast majority of companies covered by the act have hired internal auditors to ensure that the company adheres to required standards of internal control.

  5. Companies Act 2006 - Wikipedia

    en.wikipedia.org/wiki/Companies_Act_2006

    The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 amended the Act with effect from 1 October 2013 and in respect of reporting years ending on or after 30 September 2013, creating a duty for large companies to prepare a "strategic report" which includes "a fair review of the company’s business", and describes ...

  6. United States corporate law - Wikipedia

    en.wikipedia.org/wiki/United_States_corporate_law

    Under the Dodd-Frank Act of 2010, §971 empowered the Securities and Exchange Commission to write a new SEC Rule 14a-11 that would allow shareholders to propose nominations for board candidates. The Act required the SEC to evaluate the economic effects of any rules it wrote, however when it did, the Business Roundtable challenged this in court.

  7. United Kingdom company law - Wikipedia

    en.wikipedia.org/wiki/United_Kingdom_company_law

    Crucially, the Companies Act 2006 section 168 defines "members" as those with the ability to vote out the board. Under section 112 a "member" is anybody who initially subscribes their name to the company memorandum, or is later entered on the members' register, and is not required to have contributed money as opposed to, for instance, work.

  8. Corporate law - Wikipedia

    en.wikipedia.org/wiki/Corporate_law

    The beginning of modern company law came when the two pieces of legislation were codified under the Joint Stock Companies Act 1856 at the behest of the then Vice President of the Board of Trade, Mr Robert Lowe. That legislation shortly gave way to the railway boom, and from there the numbers of companies formed soared.

  9. Worker representation on corporate boards of directors

    en.wikipedia.org/wiki/Worker_representation_on...

    Half the supervisory board in state-owned companies. Slovenia: 1991 Constitution art 75, and 1993 law. 50% - 33.3%: 50: Between a third and a half of seats in companies with supervisory board plus management board member if more than 500 employees; around a third in companies with single tier board Spain: Law 41/1962, repealed 1980: 0%: N/A