Isle Of Man Publishes Guidance For Directors

by Jason Gorringe, Tax-News.com, London

03 August 2011

The Isle of Man Financial Supervision Commission has published guidance on the responsibilities and duties of directors under the laws of the Isle of Man, relevant to all directors of Isle of Man-incorporated businesses.

The Commission said that the guidance has been compiled to assist directors of Isle of Man companies to understand and perform their duties responsibly and within the laws of the Isle of Man, particularly for, but not limited to, directors of companies holding a financial services licence under the Financial Services Act 2008.

Under Isle of Man law, companies under the Companies Act 1931-2004 must have two directors who are natural persons. Corporate directors are not permitted. Companies under the Companies Act 2006 may have a single director and corporate directors are permitted.

The updated Guidance provides details on the definition of directorship, and the designation of such roles, the duties and powers of directors, the legal requirements placed on directors, record-keeping responsibilities, board meeting requirements, corporate governance rules, and information on the ramifications of misconduct.

According to the Commission, the latest update does not include any material changes but has been updated primarily to reflect changes that have been made to primary legislation, and has been reviewed in an improved, user-friendly style.

Recommended