|The software company of the Institute of Chartered Secretaries and Administrators|
Following the new provisions added onto the Companies Act 2006, ICSA Software International has developed a new solution, Blueprint Conflicts Manager, to help you record, track and report on:
- Directors' conflicts of interests
- Benefits received or declined by directors
- Directors' connected persons
- UK Companies Act
- Features & Benefits
The Companies Act 2006 created a new statutory regime for the approval and management of directors' conflicts of interest. Directors now have a duty under section 175 of the Act to avoid conflict of interest situations, unless authorised by the board or the shareholders. They must also disclose an interest in a potential transaction (s177) or an existing transaction (s 182). These duties also apply where the conflict involves a director's connected person.
All companies should document details of directors' conflicts and record when each was approved (or not) and any conditions of approval, together with the duration of the approval where periodic reviews are conducted.The Association of British Insurers (ABI) is also asking listed companies to refer to the conflicts authorisation process in their annual report and accounts and they are likely to be keen to see evidence of clear and comprehensive procedures properly applied.
Blueprint Conflicts Manager streamlines the process for managing directors' conflicts across all of your companies, greatly easing your workload through:
- comprehensive reporting of authorisations for companies and directors – eg. "register of conflicts", next review date by authorising body, authorisations awaiting approval etc.
- a fully audited history of authorisations, conditions of approval and duration to help you track and review decisions
- an "authorisations calendar" to ensure periodic reviews are undertaken in a timely fashion
- email alerts of forthcoming and overdue authorisations which will simplify the management of your records
- cloning director's interests which apply to many companies, saves you time and avoids duplication
- full integration with your existing Blueprint system – all of your data will be stored in one place