Even before the COVID-19 global pandemic, directors of companies were under greater scrutiny than ever, with increasing concerns being expressed over governance and even the fundamental purpose of commercial enterprises. The current crisis has now created additional challenges for directors, whatever sector their company operates in, and these challenges are likely to persist for a lengthy period of time. Against this background, all directors need to have a firm grasp on their duties and the wider regulatory framework. This is especially difficult for executives of multinational groups, who are likely to be directors of companies across a number of different jurisdictions, with different rules and expectations.
To help you understand the ongoing responsibilities of directors, and the impact of COVID-19 on these, the Global Corporate/M&A practice at CMS has put together this Expert Guide to provide an overview of the duties and responsibilities of directors across key jurisdictions around the world, answering the most frequently asked questions. We have included a specific section on the most important issues arising from the COVID-19 crisis, based on our experience to date of advising clients on how to manage the risks and opportunities that they are facing.
Unless otherwise stated in any specific chapter, this overview reflects the law in force in each jurisdiction as at 30 April 2020. We intend to update it periodically to reflect important changes as they happen.