Companies Act 2006 (1 October 2007 provisions)

Relevant to
All UK companies

Took effect on
1 October 2007

From 1 October 2007, additional sections of the Companies Act 2006 will come into force. They include the following:

• A statutory statement of directors' duties sets out the duties and responsibilities of directors. For example, they will have to promote the success of the company and in doing so have regard to factors such as the environment, community and employees.
• The directors of medium-sized and large private companies and all public companies must - as now - include a business review in their reports.
• There will no longer be a statutory requirement for private companies to hold annual general meetings (AGMs). You can if you wish continue to hold AGMs. 
• It will become much easier for a private company to make decisions by written resolution of its shareholders.
• There will be a clearer way for shareholders to make a derivative claim to sue directors on behalf of the company - eg for fraudulent management.
• A holding company will be able - if it chooses - to seek authorisation from shareholders for political donations and expenditure through a single approval resolution which applies to the company and all its subsidiaries. The resolution need not specify the subsidiaries individually.

• Read about changes under the Companies Act 2006 on the Department for Business, Innovation & Skills (BIS) website - Opens in a new window
• Download a summary of what the Companies Act 2006 means for private companies from the BIS website - Opens in a new window
• Browse a range of FAQs on the Companies Act 2006 on the BIS website - Opens in a new window

Full title of regulation
The Companies Act 2006 (Commencement No. 3, Consequential Amendments, Transitional Provisions and Savings) Order 2007