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Companies Act amended to improve ease of doing business

THE Ministry of Finance announced that His Majesty Sultan Haji Hassanal Bolkiah Mu'izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar 'Ali Saifuddien Sa'adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam has consented for the introduction of the Companies Act (Amendment) (No 2) Order, 2017 which is aimed to improve the ease of doing business by strengthening the rights of minority shareholders.

 

he Order takes effect from May 6, 2017 and includes amendments which instil greater transparency in the Act by increasing disclosure requirements.

 

Among the amendments are the requirement for a meeting for the passing of special resolution to be called by notice in writing, giving not less than 21 days; giving members the right to attend any general meeting of the company and speak on any resolution before the meeting; and requirement for every director to disclose their interest in transactions of property, offices etc.

 

Courtesy of Borneo Bulletin, Friday, 12 May 2017

 

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