Fiji Times Logo

Fiji Time: 8:13 PM on Monday 22 September

/ Front page / Business

Decree takes shape

Sherita Sharma
Saturday, December 08, 2012

THE finalised Companies Decree is expected to clearly define roles and duties of company directors and set out requirements for the registration of companies.

Speaking at the third public consultation on the draft decree at the Novotel Conference Centre in Lami this week, Attorney General Aiyaz Sayed-Khaiyum said there would be some transitional provisions for the decree to take effect.

"There are some fundamental issues that will be changed and these will relate the fiduciary duties of the company directors vis a vis the companies," he said at the final forum.

"We need to bring these duties in step with the best international practice within the region. Australia has provided some of the provisions for this. We're also looking at the registering of the companies, the need to get away from the requirement of minimum two members and the distinction between public and private companies."

The draft decree states both public and private companies would have to register with the words 'Limited or Ltd' and 'Pte Limited or Pte Ltd' at the end of its name respectively.

Consultant Bruce Cowley, who is a law partner at Minter Ellisson in Brisbane, has been working on the changes to the new decree with his team.

Mr Cowley said the open consultation allowed the business community and the public to voice their opinons on the legislation.

He said the old Companies Act was outdated and the draft document included best practices from around the world.


Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Today's Most Read Stories

  1. PM's 1st mission
  2. Bainimarama's promise: I will serve all
  3. Free air travel for locals
  4. Civil service reform
  5. Back from the dead
  6. Bainimarama to be sworn in as FijiPM
  7. Parties make assessments
  8. Double winner to continue advocacy for the elderly
  9. Police probe incident
  10. Electoral Commission announces seat allocation

Top Stories this Week

  1. FijiFirst claims 60 per cent Thursday (18 Sep)
  2. Parties reject result Friday (19 Sep)
  3. Leader of the pack Thursday (18 Sep)
  4. No stop Friday (19 Sep)
  5. Fiji First in strong lead: Fiji Elections Saturday (20 Sep)
  6. No $20m ransom Tuesday (16 Sep)
  7. FijiFirst leads Thursday (18 Sep)
  8. Elections supervisor to announce final results Friday (19 Sep)
  9. PM's 1st mission Monday (22 Sep)
  10. Election office begins to receive final results Friday (19 Sep)