The Companies Act 2014 (the "Act") was enacted on 23 December 2014 and is expected to come into force on 1 June 2015. The Act will introduce changes to the corporate governance rules regarding directors. In this briefing we focus on the rules, and the key changes that are of particular relevance from an employment perspective, under the following headings:
- appointment of directors;
- service contracts and remuneration of directors;
- directors' duties;
- removal of directors; and
- compensation for loss of office.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.