Regulatory Alerts2018-02-23
Guidance on the responsibilities and duties of directors under the laws of the Isle of Man
The Isle of Man Financial Services Authority issued this guidance to clarify the legal responsibilities and duties of directors for companies incorporated under the 1931 and 2006 Companies Acts. It defines director roles, including de facto and shadow directors, and outlines core fiduciary duties such as loyalty, independence, and the requirement to act in the company's best interests. The document further details director liabilities for breaches of duty, fraudulent trading, and administrative failures, emphasizing that ultimate responsibility cannot be delegated.
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