| Commentary

194.4 Delegation of responsibility

| Commentary

194.4 Delegation of responsibility

The directors of the offeror and offeree are responsible for compliance with the City Code on Takeovers and Mergers (City Code). However, the City Code permits the directors to delegate the day-to-day conduct of the offer to individual directors or a committee of directors subject to certain safeguards (Appendix 3, Section 1). If the board of directors of the relevant company has delegated detailed supervision of a document to a committee of the board, each of the remaining directors of the company must reasonably believe that the persons to whom supervision has been delegated are competent

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to LexisLibrary or register for a free trial