Companies Act (Amendment) (No.2) Order, 2017

The Companies Act (Amendment)(No.2) Order, 2017, has come into force on the 6th of this month. The Ministry of Finance, in a statement, announced that His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam has consented for the Act to be introduced toward improving "the ease of doing business" by strengthening the rights of minority shareholders.

The amendments instil greater transparency by increasing disclosure requirements. Among the amendments are the requirements for a meeting for the passing of special resolution to be called by notice in writing not less than 21 days; giving members the right to attend any general meeting of the company; and to speak on any resolution before the meeting. Another requirement is for every director to disclose their interest in transactions of property and offices and so forth.

Source: Radio Television Brunei

Related posts