A COMPARATIVE ANALYSIS OF DIRECTORS’ DUTIES OF CARE AND SKILL AND FIDUCIARY DUTIES OF LOYALTY AND GOOD FAITH UNDER THE COMPANIES’ ACTS OF NIGERIA AND THE UNITED KINDGOM
- Project Research
- 1-5 Chapters
- Quantitative
- Simple Percentage
- Abstract : Available
- Table of Content: Available
- Reference Style: Available
- Recommended for : Student Researchers
- NGN 3000
ABSTRACT
Having been in existence for about twenty five years now, the Companies and Allied Matters Act 1990 ―CAMA‖ is long overdue for review. The many calls for the review of the law have not particularly singled out the director‘s duties of care and skill and fiduciary duties of loyalty and good faith. Yet, a cursory look at the statement of duties under the CAMA leaves much to be desired. The United Kingdom relatively recently reviewed its company law and now operates the Companies Act of 2006 ―CA‖. One of the most admirable aspects of this new law is the codification of the duties of directors, which were hitherto uncodified and based in case law. For the fact that Nigeria is a common law jurisdiction which usually models its laws after English law, it will most likely be the case that any review of the CAMA today would have the CA as a foremost reference point. On this note, this research considered, comparatively, whether and to what extent the CA can be a model for the CAMA in the area of directors‘ general duties of care and skill and fiduciary duties of loyalty and good faith. A doctrinal method of research was employed using the tool of comparison. The research tried to show that the CAMA, after over 20 years, is far from being a model company law for Nigeria today in the area of the director‘s duties of care and skill and fiduciary duties of loyalty and good faith and therefore, requires review in line with the UK Companies Act 2006. The research found that the CAMA, although improved on the common law at the time of its enactment with respect to the standard of care required of the director, is far from being up to standards of today‘s business society. Furthermore, the fiduciary duties under the CAMA were found to be riddled with grammatical errors and in some cases, did not adequately reflect the common law principles they were meant to codify. The principles on conflicts of duties also gave the director very little information. Comparatively, the CA was found to be clearer on the points indicated and also reflected the modern practice on the standard of care required of directors. The work recommended that, on the duties of care and skill and fiduciary duties of loyalty and good faith, the CAMA should be amended substantially using the CA as a model. This would not only reflect developments from case law and practice, help to further clarify and simplify this important aspect of corporate governance for corporate stakeholders, but may also revive corporate litigation which is currently almost non-existent in that area.
Related Project Materials
DEVELOPMENT AND VALIDATION OF THREE NEW SPECTROPHOTOMETRIC METHODS FOR THE DETERMINATION OF LAMIVUDINE IN PURE AND PHARMACEUTICAL DOSAGE FORMS
ABSTRACT
In this study three rapid, simple, accurate, economical and reproducible spectrophotometric methods for the quantitative determi...
DEVELOPMENT OF CAR PISTON MATERIAL FROM ALUMINIUM ALLOY USING COCONUT SHELL ASH AS AN ADDITIVE
ABSTRACT
This research presents the development of a piston material from aluminium alloy using coconut shell ash as an additive. Most da...
DRUG ABUSE AND MENTAL STABILITY AS PREDICTOR OF STUDY HABIT OF UNDERGRADUATES
ABSTRACT
The study examines drug abuse and mental stability as predictors of study habit of undergraduates...
DESIGN AND IMPLEMENTATION COMPUTERIZED DATA ENCRYPTION SYSTEM
BACKGROUND OF THE STUDY
The ongoing dilemma of digital age is balancing convenience against security. Security is a syst...
COLLECTION, IDENTIFICATION, AND PRESERVATION OF MEDICAL PLANTS
ABSTRACT
The collection, identification and preservation of medical plants native in Enugu state were carried out betwee...
FOOD SECURITY : A MEANS TO SUSTAINABLE ECONOMIC GROWTH
ABSTRACT
No doubt, no matter the development and height any person can scale, food wil...
INVESTIGATION OF THE THERMAL PROPERTIES OF WOOD ASH AND CLAYSAWDUST MIXTURE FOR USE AS INSULATION MATERIALS IN A ROCKET STOVE
ABSTRACT
In recent years there has been an increased awareness to conserve energy through efficient use of fuels, energy saving devices a...
EFFECT OF MICRONUTRIENT SUPPLEMENTATION ON SOME INDICES OF HIV INFECTION PROGRESSION AMONG ANTIRETROVIRAL NAÏVE PATIENTS ATTENDING HIV CLINICS IN NIGERIA
Abstract
Nigeria has the second highest HIV/AIDS burden in the world with an estimated 3,391,546 people living with HIV and AIDS; an esti...
INFLUENCE OF CARTOON ON NEWS PAPER READERSHIP AMONG STUDENT; A STUDY OF UNIVERSITY OF LAGOS, AKOKA
Background of the study
There is no denying the potency and velocity of the media as a means of communication. In additi...
MAPPING FAKE NEWS AND HEALTH COMMUNICATION GAPS IN COVID-19 COMMUNICATIONS IN NIGERIA
Abstract
This study investigated the concept of fake news on social media and how it is being used as a tool in the understanding of COVI...
