The full implementation timetable for the UK's Companies Act 2006 was announced last month. The government also published a consultation paper on how the new regime can be implemented for existing companies and how the government proposes to deal with secondary legislation under the Act.
The areas coming into effect in October this year include the provisions in Part 9 of the Act relating to the rights of indirect investors. For example, under the Act shareholders of listed companies who hold shares on behalf of another person may nominate that person to receive communications from the companies.Most of the provisions relating to directors’ general duties, the provisions for the enhanced business review and derivative claims will also be implemented this October.
The parts of the Act relating to accounts and reports, audit and statutory auditors will commence in April 2008. The government said this meant that it could implement European Union company law requirements alongside the implementation of the Act in a way that minimised the number of changes for business.
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