Christopher Boyd on the effect of current technology on directors’s legal duties
Both before and since the coming into force of the Companies Act 2006 (the 2006 Act) much has been written about the effect on corporate and commercial practice of the codification and development of the law on directors duties, ie the move from common law fiduciary duties to the new statutory framework. However, little appears to have been written about the effect which the onward march of technology has had, or should be having, on the methods for achieving and demonstrating compliance with those duties in practice.
Why technology matters
In an age as pioneering and as awash with invention and intellectual property as ours, technology should be forefront in directors’ minds in three respects.
First, intellectual property (whether in the form of patents, designs, technical know-how or even simply databases of client/supplier contacts) will be an important, if not the most valuable, asset of many businesses. This is true across a variety of sectors whether in the oil & gas, manufacturing, supply-chain, information technology or elsewhere. In years gone by, the details of
