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Corporate Governance deals with accountability and control of the company and corporate management. Directors are bound to observe certain obligations including -
- act honestly and in good faith in the best interests of the company, treating all shareholders equally and observe the limitations on their powers
- avoid competition with their company and conflicts of interest
- to exercise the degree of care, diligence and skill which would be expected from a reasonable diligent person having the same knowledge, skill and experience that the director has and that he / she is reasonably expected to have.
The Malta Financial Services Authority prescribes guidelines about principles of corporate governance through the Code of Principles of Good Corporate Governance for listed companies and public interest companies. Greater awareness of these principles at the level of private and family-run companies is encouraged. For more information about corporate governance please contact us.