One of the significant changes under the amended Company Law (“New Law”) that will come into effect from July 1, 2024, is that the board of directors (BOD) of a company no longer “reports to” the shareholders and is, instead, generally expected to act in the best interest of the company. In connection with this change, the New Law expands the duties of the BOD and imposes additional liabilities on directors, supervisors and executive officers.
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