The following Corporate guidance note provides comprehensive and up to date legal information covering:
A director who is in any way, directly or indirectly, interested in:
a proposed transaction or arrangement with the company of which they are a director, or
a transaction or arrangement that has been entered into by the company of which they are a director
must declare the nature and extent of that interest to the other directors in accordance with the Companies Act 2006 (CA 2006), subject to certain exceptions (see Exceptions to CA 2006 provisions on the declaration of a director's interests below). For guidance as to when a director has an interest that must be declared, see Flowcharts: Declaration of a director's interests—proposed transaction or arrangement and Declaration of a director's interests in an existing transaction or arrangement—flowchart.
The provisions of the CA 2006 dealing with the declaration of a director's interests came into force on 1 October 2008 and are subject to a number of transitional provisions.
Some or all of the statutory provisions relating to the declaration of a director's interests may also apply to other companies and entities, but this issue is outside the scope of this Practice Note. In addition, there may be other rules relating to a company’s obligations in relation to the declaration of a director's interests that apply a listed company, an AIM company or a company with securities that are listed on the
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