Sign in / up

back to article 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 …

COMMENTS

House rules Send corrections
This topic is closed for new posts.
  1. mj1

    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 !!!!!!!!!

    2 1
  2. MadonnaC

    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

    1 1
  3. Anonymous Coward
    Paris Hilton

    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?

    3 0
  4. peter_dtm
    Grenade

    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

    2 1
  5. John Smith 19 Gold badge
    Thumb Up

    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.

    1 0
  6. Robert Hill
    FAIL

    Unwitting...

    Isn't an "unwitting director" an oxymoron? Or just a moron?

    1 0
  7. BristolBachelor Gold badge
    Thumb Up

    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.

    1 0
This topic is closed for new posts.