Why papers continue to write that very few people will be interested in being company directors under the new Act?

The answer to this question is two-fold.

Firstly, the duties of directors have been codified in the new Act but we still keep the common law duties of directors- based on the law of contract and delict.

Partial Codification: Act introduces a partial codification of directors’ duties, which includes both a fiduciary duty, and a duty of reasonable care, which operate in addition to existing common law duties.

Secondly, Liability of directors
Director - includes alternate director, prescribed officer (CEO, MD CFO etc.), and Audit committee or board committee members. Directors will be held liable for breach of fiduciary duty, or delictual act, acting without authority, party to supplying false or misleading info about the company or untrue statement in a prospectus. This is good because it will hold directors responsible for the decisions that they take which affect the functioning and viability of the company.

IP Domains

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