Corporate Governance Updates

The COVID-19 crisis continues to impact business in general. Following the traditional method of doing business in this continuously changing landscape might prove difficult for business owners and directors. Especially accessing their companies, and the running of business entities in foreign countries might seem impossible.

The way businesses are now forced to operate has changed, and the impact hereof is enormous. This, however, does not change the way business is run. Work has to continue, management decisions have to be taken and documented, deadlines have to be met, and proper governance must be ensured.

While nobody knows how the business environment will change in the future, one thing is certain, business owners and directors must be able to perform their duties and responsibilities. This means that new and more modern means are necessary and need to be incorporated into constitutional documentation to have effect.

At Amicorp, we have a global network of professionals ready to assist our clients with the continuation of their businesses. We have various services that can ensure the continued and seamless execution of your business.

OUR SERVICES

We can support your teams to:

• Review existing memorandum and articles of association and identify areas to enhance your corporate governance through more flexible and modern means
• Outline problem areas and suggest changes to modus operandi to align this with market conditions and technological advancements
• Changes may include electronic document signing
• Digital meetings, electronic notices to meetings and proxies to meetings to be acceptable as normal ones
• Changes to be reviewed following the legislative acts of the jurisdiction to which the changes will be implemented
• Changes to be reviewed against any corporate governance laws or directives in each respective jurisdiction
• Changes to be checked against tax measures introduced by each jurisdiction based on the current situation, and to ensure that not only will it not trigger further matters of concern but actually position the company more flexibly and robustly against challenges from other jurisdictions on the grounds of POEM, GAAR and others
• Action required to benefit any relaxations provided by governments, like an extension of filing deadlines, extension on the holding of general meetings in certain jurisdictions
• Changes to be reviewed by clients and ensure that their applicability is aligned with their Groups perspectives
• Changes to ensure business continuity in the event the sole director or sole shareholder dies by appointing a reserve director or when this sole director becomes incapacitated by appointing an alternate director or issue of POA
• Assist in implementing all changes by fully assisting the owners and the directors

For more information, please contact:

Hanno de Vriend - h.devriend@amicorp.com Angelos Ioannou - angelos.ioannou@amicorp.com