The duties of directors to their companies include: not exceeding their powers, acting in the best interests of the company, exercising due skill and care, acting honestly and in good faith, notifying the company of any personal interests, having regard to the interests of their employees, etc, and so on, in this regard.
Directors owe their duties to present and future shareholders where the company is solvent. Where the company becomes insolvent it is a trigger for the directors duties to shift from the shareholders/members to the creditors of the company (Winkworth v Edward Baron Development Co Ltd [1986] 1 WLR 1512). It was therefore a shock to Corporate Blawg, who was perusing the Official Journal of the European Union today, to discover the following new directive:
Commission Regulation (EC) No 1619/2006 of 30 October 2006 amending Regulation (EC) No 1555/96 as regards the trigger levels for additional duties on cucumbers, artichokes, clementines, mandarins and oranges
Corporate Blawg UK is impressed by the level of control the EU has over the behaviour of fruit and vegetables. On further investigation Corporate Blawg has discovered that there is a world outside of corporate law, and it's a bit fruity.
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