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Are you up to speed with the 6 April 2007 changes?

Company secretaries and advisers should note the following changes which take effect on 6 April 2007:

1. Directors' disclosure of interests in shares

Directors will no longer need to notify the company when they, or their related parties, acquire shares in the company or in the company’s holding, subsidiary or certain associated companies.

This means that the Register of Directors' Interests will no longer need to be kept.

Whether you hold your registers on paper or in electronic form, we recommend that you continue to keep the existing register as a record of your directors' compliance with their obligations to date. However, you do not need to update this register after 6 April 2007.

If you have standard minute precedents, you will also need to review your precedents to remove any standard text relating to directors disclosing their share interests and/or maintaining the register of director's interest.

2. Upper age limit for directors

The upper age limit for a director of a public company or a subsidiary of a public company is being removed.

This means that directors over 70 may be appointed to these companies without shareholder approval and directors do not need to vacate office upon reaching the age of 70.

Notes:

These changes are a result of The Companies Act 2006 (Commencement No 1, Transitional Provisions and Savings Order) 2006 (SI2006/3428) which:

  • repeals sections 323 to 329, sections 343 and 344 and parts 2 to 4 of Schedule 13, Companies Act 1985 by bringing into force section 1177, Companies Act 2006; and

  • repeals of sections 293 and 294, Companies Act 1985 by bringing into force section 1295 and schedule 16, Companies Act 2006.
    • Company Registrations
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