Register Of Directors (Corporate) (internal use only)

Under the Economic Crime and Corporate Transparency Act 2023 (ECCTA), the requirement for companies to maintain statutory registers (other than the register of members) is abolished. This includes the register of corporate directors.

What changes under the ECCTA

The register at Companies House will become the sole, verified source of information about corporate directors.

The ECCTA also creates stringent requirements for keeping Companies House updated on changes. Appointments, resignations and relevant changes in a director’s details must be notified to Companies House within 14 days of the change occurring.

Corporate directors and “all-natural person” boards

In line with the provisions of the ECCTA, Companies House has confirmed that corporate directors will be restricted so that, although a corporate entity may be a director, that entity must have an all-natural person board. As yet, no commencement date has been announced for when this provision will be in force.

Why keep an internal register of corporate directors?

Although companies may dispense with the statutory register of corporate directors, many may still choose to maintain an internal record for governance and practical reasons, at least for the time being.

An internal register may be helpful:

• as good housekeeping and governance, to keep an organised internal record of information previously kept in statutory registers;
• for due diligence when engaging with third parties (particularly investors and entities from abroad);
• when seeking a loan; and
• where the company is the target in an acquisition, including presenting historic and current information in a clear and orderly manner.

What this template is for

This template can be used by companies that wish to continue maintaining an internal register of corporate directors. It has been updated to reflect that it is now purely an internal record.

Register Of Directors (Corporate) (internal use only) is part of Corporate. Just £38.50 + VAT provides unlimited downloads from Corporate for 1 year.