n Without Prejudice - More indulgent approach to directors' duties : company law
|Article Title||More indulgent approach to directors' duties : company law|
|© Publisher:||JetBlue Publishers (Pty) Ltd|
|Publication Date||Oct 2008|
|Pages||14 - 15|
The Companies Bill (61 of 2008) tabled in Parliament in June this year comes as a relief to current and aspiring directors. The Bill's regulation of directors' duties of care and skill and the fiduciary duty to act in the best interests of the company can justly be described as a codification of the common law. It leaves the courts with sufficient flexibility and discretion to ensure fair results and achieves the aim stated in the Memorandum on the Objects of the Companies Bill, 2008 of clarifying directors' responsibilities and duties.
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