Companies registered BEFORE 2015 under the old Companies Act are required to add the below language into their Memorandum of Association. Companies incorporated AFTER 2015 must add the below language into Articles of Incorporation:
1) The purposes of the Company are to promote the success of the Company for the benefit of its members as a whole and, through its business and operations, to have a material positive impact on society and the environment, taken as a whole.
(2) For the purposes of a Director’s duty to act in the way they consider, in good faith, most likely to promote the success of the Company, as provided in section 143 of the Companies Act, a Director shall not be required to regard the benefit of any particular Stakeholder Interest or group of Stakeholder Interests as more important than any other. Stakeholder Interests means all the matters captured in section 143 (1) (a) to (f) of the Companies Act.
(3) Nothing in this Article express or implied, is intended to or shall create or grant any right or any cause of action to, by or for any person (other than the Company).
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