The Companies Act 2006 (the Act) received Royal Assent on 8 November 2006 and is the largest piece of legislation ever passed in the UK. To allow companies sufficient time to implement the changes introduced by the Act, Margaret Hodge, Minister for Industry and the Regions, has announced the Act will be implemented in stages, on 6 April and 1 October of each year (with the final parts of the Act being implemented on 1 October 2009), rather than introducing the whole Act on a single day.
The key points arising as a result of the announcement of the implementation timetable are that all companies need to ensure that their directors are fully aware of their new duties under the Act and that they have reviewed their board decision making procedures to establish whether any change is required. Traded companies will also need to prepare for the new third party information and shareholder rights.
Contact details
Email: Sarah Holmes
Tel: +44 (0)20 7212 1529
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