OFT to disqualify unwitting directors to deter competition abuses
Directors who should have known that their companies were breaking competition laws will be just as likely to be pursued for disqualification as those who actively committed offences, the Office of Fair Trading (OFT) has said. The OFT has published new guidance on when it will disqualify directors because of competition law …
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sorry we have to let you go
but here;s a billion pounds in severance pay and a pension of a million a year. paid into whatever tax haven you chose
that will sure hurt !!!!!!!!!
I can't be a director
but my son/aunt/cousin thrice removed/father's brother's nephew's cousin's former roommate can be.
Don't mind the man behind the curtain
Directors have no excuses
If a director has to say that he/she did not know then that director has just handed in her/his notice.
It seems to be part and parcel of the responsibilities associated with being a director yes?
About bloody time !
Why anyone ever thought finning a company ( or government department) would ever work totally defeats me. But then we are talking about a quango and politicians here, so this is actually a pretty amazing change. Now all we need is a way to make councillors & 'civil' servants personally liable when they piss our tax money away
Keeping piggy out of the trough may be the only effective deterrent
BTW IIRC there are provisions in the UK Companies acts for "Shadow directors," who don't have a seat on any board but excercise substantial influence.
The *only* fine that would make any sense would be one scaled to the excess profits the company made. But this divides the interests of the company from those of the directors.
Cartels and price fixing are *always* good for companies in the know. But this punishment makes sure the people who actually *form* the company get it right in the neck. This should be a strong *personal* disincentive to think twice about playing such games.
Unwitting...
Isn't an "unwitting director" an oxymoron? Or just a moron?
Other prosecutions too please.
"They are trying to ensure directors are actively involved and not taking a purely passive role,"
I would like to see this done in other areas as well. Directors are supposed to be directing what happens; they are the people responsible for their companies towing the line. In terms of civil servants, take away their right to work in the civil service too (and pension)!
Foe example:
Breach of data protection act,
Any abuse of police powers,
etc.
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