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A director must at all times be vigilant and use his best endeavours to be fully apprised of the affairs of the company. He has a duty to act diligently and honestly in the best interests of all the stakeholders of the company, including the shareholders, creditors and employees of the company. A director cannot be a sleeping director. He is not entitled to raise the defence that he is merely a nominee director, when the company is in trouble and the enforcement agencies take action, or when faced with a law suit for negligence or mismanagement. The law imposes statutory and fiduciary duties on all directors to act with due care, irrespective of their executive or non-executive positions.
In the realm of fraud and wrongful trading, navigating the legal landscape requires a deep understanding of the complexities involved. Robson Lee, a seasoned legal analyst, provides invaluable insights into these murky waters, shedding light on the nuances of criminal activities, their legal ramifications, and strategies to mitigate risks within your business environment.
Insurance linked securities (ILS) are financial securities issued in public or private offerings that are linked to insurance risks. It is a way for insurance companies to transfer risks to capital markets, where investors can trade these securities like any other financial instrument. The value of ILS is linked to non-financial insurance-related risks such as natural disasters, catastrophes and life or health insurance.
Robsonlee26 Feb, 2024Technology
I can think of no better incentive to motivate directors to be on the ball than the deterrence of being publicly named and shamed in civil law suits or criminal enforcement actions. The consequences of being criminally charged by enforcement authorities or sued in court for being an ignorant or negligent director can be fatal.
SGX RegCo has proposed changes to the listing rules to facilitate the corporate restructuring of financially distressed issuers. The proposed changes are timely and would be consistent with Singapore’s aim to position itself as a leading debt restructuring hub. To enable the company to be properly rehabilitated, all stakeholders must be prepared to share the burden and make deep concessions to invest in the longer term prospects of the company. A successfully rehabilitated company benefits all and sundry.
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