UK Court Sheds Light On De Facto And Shadow Directors

Law360, New York (October 24, 2014, 10:05 AM EDT) -- In Smithton Ltd. v. Naggar,[1] the U.K. Court of Appeal has further delineated the boundaries between the board of a company and its shareholders. The judgment is instructive of the English courts' current approach to defining the role of director, as well as addressing a question that often arises in practice — whether a director of a holding company is also a director of its subsidiary. Whilst the decision reminds us that it is what someone actually does rather than job titles that matters, it might also provide some reassurance that investors' active stewardship of portfolio companies will not necessarily result...

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