Fiji Time: 3:59 PM on Saturday 28 March

Fiji Times Logo

/ 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He said the old Companies Act was outdated and the draft document included best practices from around the world.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. Fiji start Hong Kong 7s with comfy win
  2. NZ take first step to defending Hong Kong sevens title
  3. Record Hong Kong kicks off with a bang
  4. Medical error
  5. DJs in the city
  6. Province plans to visit sons, chief
  7. ITaukei inmates top numbers
  8. Dining hall brings sense of comfort
  9. Lions down Reds 18-17 in Super Rugby
  10. Hurricanes beat Rebels for 6th rugby win

Top Stories this Week

  1. Miracle baby Sunday (22 Mar)
  2. Rape on duty Wednesday (25 Mar)
  3. INQUIRY: Baby given wrong injection Friday (27 Mar)
  4. All hope gone Monday (23 Mar)
  5. 'No' to adopted child Monday (23 Mar)
  6. The man who was the champ Monday (23 Mar)
  7. Kepa clarifies position Tuesday (24 Mar)
  8. HK 7s risk Thursday (26 Mar)
  9. Fiji 7s inspires college in win Wednesday (25 Mar)
  10. Strong start Friday (27 Mar)