As part of the Government’s drive to encourage transparency, a ban on the use of Corporate Directors will come into force this year as part of The Small Business, Enterprise and Employment Act 2015.
From October 2016, all company directors will have to be ‘natural persons’ (ie human beings and not artificial legal persons such as companies), with the new rules prohibiting the appointment of corporate directors.
All UK registered companies should review their boards of directors and make any necessary changes to replace corporate directors with natural persons.
For further information or assistance, please contact Vicki Craig, Partner on 01788 539000.