n Without Prejudice - The threat of delinquency looms large over company directors : company law
|Article Title||The threat of delinquency looms large over company directors : company law|
|© Publisher:||JetBlue Publishers (Pty) Ltd|
|Author||Lucinde Rhoodie and Kamalesh Naidoo|
|Publication Date||May 2013|
|Pages||34 - 35|
The Companies Act, (71 of 2008), not only changed the commercial landscape after May 1 2011, it also extended the level of accountability by company directors. The Act codifies the common law duties that directors hold towards companies and shareholders. It provides, inter alia, that directors have a duty to act in the best interest of the company and to act with care, skill and diligence while performing their functions in good faith and for a proper purpose.
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