CIMA has welcomed the new safe harbour provisions in the Company Law Reform
bill, laid before parliament last week.
Chief executive Charles Tilley said: ‘The silver lining in the decision to
abolish the statutory OFR, was that it provided the opportunity to revisit the
issue of director’s liability for forward-looking statements.
‘Individually, and collectively with other concerned bodies, CIMA has made
its concerns known to the DTI, asking that UK company law be amended so that
directors should not be penalised for statements made in good faith which are
not reckless. Such protection, often referred to as a “safe harbour” is vital to
ensure that directors can confidently make forward-looking disclosures,’ he
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