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Directors’ and officers’ loans and transactions

In: UK Gaap

Author

Listed:
  • Mike Davies

    (Ernst & Young)

  • Ron Paterson

    (Ernst & Young)

  • Allister Wilson

    (Ernst & Young)

Abstract

Company directors are treated as fiduciaries1 and as such must not permit their personal interests and their duty to the company to conflict. In order to avoid such conflicts or potential conflicts arising, transactions between a company and its directors are restricted. Such transactions are regulated in a number of ways, in particular, by means of statutory prohibition, corporate approval and disclosure in the statutory accounts. In this chapter, attention is focused on the Companies Act requirements for disclosure in a company’s financial statements of transactions involving directors (except for those relating to directors’ remuneration which are dealt with in Chapter 26). The provisions determining the legality or otherwise of such transactions are discussed in outline in the Appendix to this chapter.

Suggested Citation

  • Mike Davies & Ron Paterson & Allister Wilson, 1992. "Directors’ and officers’ loans and transactions," Palgrave Macmillan Books, in: UK Gaap, edition 0, chapter 0, pages 1303-1341, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-12998-0_25
    DOI: 10.1007/978-1-349-12998-0_25
    as

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