An obligation to give an account. In the context of limited companies, it's assumed that the directors are accountable to the shareholders, fulfilled partially through annual reports and accounts.
An Annual General Meeting (AGM) is a mandatory yearly gathering of a company's interested shareholders. It addresses critical governance and financial matters, including the presentation of the company's accounts, director and auditor reports, dividend recommendations, election of directors, and appointments of auditors.
A company resident in the UK that is under the control of five or fewer participators or any number of participators who are also directors.
A connected person refers to individuals or entities that are related to a director under the Companies Act, with implications for disclosure requirements.
A derivative claim is a legal action brought by a shareholder on behalf of a company for wrongs done to it, typically when those in control of the company are the ones responsible for the alleged misconduct.
A Limited Company (Ltd.) is a legal business entity structure characterized by providing limited liability to its shareholders and often being managed by directors. Limited companies are separate legal entities, meaning their assets and liabilities are distinct from those of their shareholders.
The term 'Officers of a Company' typically refers to the individuals who hold significant managerial or administrative positions within an organization, including Directors and the Company Secretary. These officers play crucial roles in the governance and operational oversight of the company.
Piercing the corporate veil refers to the legal decision to hold shareholders or directors personally liable for the debts and obligations of the corporation. This process is invoked by a court to disregard the separate legal corporate entity status typically afforded to corporations.
A technique used by an acquiring company to attempt to gain control of a takeover target by persuading shareholders to oust the current management in favor of directors favorable to the acquirer.
A statutory book where companies must document the interests of its directors in shares and debentures, accessible during the annual general meeting.
