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The Companies Act 2006 sets out the legal responsibilities and general duties of company directors, and are known as the Statement of General Duties of Directors. This is based on established common law principles and case law, but also includes important reforms which affect all directors – executive or non-executive – in every company, large or small.

The Statement of General Duties of Directors comes into effect on 1 October 2007, with the exception of the duty to avoid conflicts of interest, which comes into force in October 2008.