New Companies Act takes effect

National 0 minutes, 46 seconds

BANDAR SERI BEGAWAN

THE Ministry of Finance announced the introduction of the Companies Act (Amendment) Order 2016 that introduce further protection for minority shareholders in a company to existing legislation.

In a statement issued yesterday, the ministry said that the introduction was made with the consent of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam. It also introduced the Companies (Corporate Governance) (Public Companies) Rules 2016. The Order and Rules take effect from May 30, 2016.

According to the statement, introduction of corporate gover-nance rules for public companies aims to facilitate effective entrepreneurial and prudent management that can deliver the long term success of the company, thus promoting investor confidence.

It also said that new amendments introduced are for the provisions for personal remedies in cases of discrimination and injustice. It also listed the requirement for public companies to have an audit committee and to have a majority of independent directors on their board.

The Brunei Times