CHANGES IN DIRECTORS’ DUTIES AND LIABILITIES

Duties Owed by directors

The duties owed by directors to a company comprise those at common law and those stipulated in the new Companies Act 2016 (new CA). Generally, directors’ duties covers three areas, namely, a statutory duty, a duty of care and a fiduciary duty .

Director’s protection from legal proceedings

Directors’ remuneration and fees

Director's Remuneration approved by shareholders will ensure transparency and promote accountability of directors.

Related Party Transactions

This policy is to facilitate private companies in carrying out transactions involving directors/substantial shareholders and connected persons but at the same time providing adequate safeguard to protect the public interest at large.

Persons connected with director

To clarify the family members of a director and when a director is deemed to have control over a body corporate. Controlling interest is increased from 15% -20%

Public company director’s service contract

This policy will ensure transparency and promote accountability of directors.

Contract of one director company

To ensure that transactions between a single member/director company are properly recorded in nsuring that the director of the company remain accountable for the company.