Directors’ duties: where bona fides requires objective assessment

The BVI Court of Appeal has recently considered the circumstances in which a Director may be subjected to an objectively imposed standard in discharging his duty to exercise his powers honestly and in good faith and in the interests of the company.

The “time honoured" rule which requires that a director exercise his powers in good faith and in what he believed to be the interests of the company has been encoded under BVI law in section 120 of the Business Companies Act 2004.

 

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BRITISH VIRGIN ISLANDS
Rosalind NicholsonPartnerT +1 284 852 2237rosalind.nicholson@walkersglobal.com

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