This article looks at the case of BTI 2014 LLC and BAT Industries Plc v Sequana SA, 2016. The High Court was recently asked to consider whether the payment of dividends from a subsidiary to a parent company were based on incorrect accounts, were made in breach of fiduciary duties owed by the directors to […]

Two firm directors who lost investors £50m in a scheme the Serious Fraud Office (SFO) branded “an elaborate scam” have been sentenced to a total of 12 years in prison. Richard Aston Clay was sentenced to ten years and ten months. Kathryn Clark was given a two year suspended sentence. Michael Cotter of law firm […]

CRD IV also requires firms to provide clear accounts of the way their boards work and to write annual ‘updates’ that keep track of the ways in which they govern themselves. The intention is that no director should hold too many directorships, the better to ensure that he is able to devote enough time to […]

The ‘jumbo’ directorships scandal in Cayman would not be repeated in Jersey, which enjoys robust regulation of non executive directors, writes Sarah Rayson, director of DCG Funds Services. A good board of directors requires a mix of skills, experience and backgrounds. The need for independence is a given and non executive directors (NEDs) can play […]

The Financial Conduct Authority (FCA) has published a Decision Notice in respect of the provisional decision by its predecessor, the Financial Services Authority (FSA), to fine a former non-executive director of two UK mutual societies, Angela Burns, £154,000 and banning her from performing any role in regulated financial services for breach of Statement of Principle […]