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Managing directors do not have any particular authority under the Companies Act in the UK, but do have implied authority based on the general understanding of what their position entails, as well as any authority expressly delegated by the board of directors. [8]
In the UK, section 439 of the Companies Act 2006 mandates a vote on director pay at the yearly accounts meeting. Directors are expected to have disclosed their remuneration package in a "Remuneration Report" (section 420). Failure to do this leads to fines. In addition, UK law regulates tightly several elements beyond basic director pay.
Lord Millett, in the opinion he gave in Official Receiver v Wadge Rapps & Hunt [2003] UKHL 49 (31 July 2003), summarized the history of disqualification orders in British company law, noting that they were originally created under s. 75 of the Companies Act 1928 (subsequently consolidated as s. 275 of the Companies Act 1929), which was enacted on the recommendation of the Report of the Company ...
More recently, it has been suggested that both the tests of skill and diligence should be assessed objectively and subjectively; in the United Kingdom the statutory provisions relating to directors' duties in the new Companies Act 2006 have been codified on this basis. [17] s.174, Companies Act 2006; Re Barings plc (No.5) [1999] 1 BCLC 433
Since the Report of the Committee on Company Law Amendment, chaired in 1945 by Lord Cohen, led to the Companies Act 1947, as members and voters in the general meeting of public companies, [113] shareholders have the mandatory right to remove directors by a simple majority, [114] while in Germany, [115] and in most American companies ...
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.
A person appointed to act as the most senior manager of the company itself (managing director) or of a key function (finance director, operations director, etc.), in which case the title is analogous to and replaces the "C-Suite" titles, this might be considered as the British English meaning of the word.
Corporate titles or business titles are given to company and organization officials to show what job function, and seniority, a person has within an organisation. [1] The most senior roles, marked by signing authority, are often referred to as "C-level", "C-suite" or "CxO" positions because many of them start with the word "chief". [2]