Directors' Compliance Statement: Are you up to date?

Since the introduction of the increased compliance obligations on directors under the Companies Act 2014, there have been significant changes to both the domestic and global tax policy landscape. These changes may impact the ‘relevant obligations’ that a company needs to comply with and the supporting policy documentation may now need to be updated accordingly.

Background

• The Companies Act 2014, which commenced 1 June 2015, introduced significant compliance reporting obligations on directors
• It requires that a Directors’ Compliance Statement (“Statement”) is included in the annual Directors’ Report, accompanying the company’s financial statements
• As part of the Statement, directors are required to formally acknowledge their roles and responsibilities as regards the compliance of the company to its relevant obligations (taxation and company law obligations).