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Fair SharesThe Future of Shareholder Power and Responsibility$
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Jonathan Charkham and Anne Simpson

Print publication date: 1999

Print ISBN-13: 9780198292142

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198292142.001.0001

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Directors: The Legal Framework

Directors: The Legal Framework

(p.51) Chapter 5 Directors: The Legal Framework
Fair Shares

Jonathan Charkham

Anne Simpson

Oxford University Press

This chapter discusses legislation that sets out the framework for companies in the UK. The Companies Act 1985 entrusts the conduct of business to the directors without distinction as to whether they are executive or non-executive. The provisions of the Act are mainly concerned with the proprieties. The sketchy nature of UK company law with regard to directors and boards has left many gaps which have been filled by various codes and regulations — a typically British and pragmatic way of covering the defects of others, in this case, the government. The most important initiative in the UK was consolidating views on good practice in the form of a code by the Committee on the Financial Aspects of Corporate Governance in 1992.

Keywords:   legislation, Companies Act 1985, UK company law, directors

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