Companies Act 2006 - delay in October 2008 implementation

For most companies, the only action required will be to continue to work closely with their legal advisers to ensure they fully understand the timing and implications of the various changes.

In particular, the extended statutory duties in relation to directors' interests and conflicts must be taken into account in relation to relevant board decisions from next October (or potentially much earlier if a company is engaged in any longer term project where directors may have relevant or conflicting interests and which may run until October or beyond).

Companies may wish to review their articles of association in good time to make any required changes, including any authority for directors of public companies to waive or approve conflicts involving other directors (or in a private company, any restriction on the general right of independent directors to waive or approve such conflicts).