The Myanmar Companies Law 2017 (MCL 2017) effectively repealed the archaic Myanmar Companies Act 1914 (MCA 1914). The MCL 2017 introduced a raft of changes, most notably to shareholders, foreign investment in companies and Directorship.
This is a reading and sentence construction activity similar to in the Promotion Exam. Read the paragraph below and:
A) Answer questions 1- 3 using complete answers.
In whose interests should a company be run?
When may directors be required to pay penalties?
What should directors do to protect themselves against claims?
The Companies Law includes a comprehensive set of directors’ duties to ensure that a company is properly run and managed in the best interests of the shareholders as a whole. The various duties of directors are clearly set out in the law for the first time and set high standards for corporate conduct. A balance is set between encouraging corporate activity and properly considered risk taking behaviour with the need to protect shareholder interests. In some circumstances, directors may become individually liable to penalties if they breach their duties. To protect against claims it is advisable that directors seek advice to remain informed of their rights and obligations. Indemnity and insurance protection is also permitted.
B) Match the vocabulary from the passage with words of a similar meaning.
When you are ready, enter your answers in the sheet below
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