Company directors caught out by share disclosure rules
The last few weeks have seen a number of high-profile public company directors fall foul of share disclosure rules which demand that any shares lodged as collateral against loans or some form of financial arrangement need to be notified to the authorities. We have seen a number of well-known faces come forward as the regulators take a serious interest in this issue which could have repercussions in 2009.
It would appear that the credit crunch has caught many company directors out but not only does this impact on their personal reputation but it also impacts upon the share price of the companies involved. There have been strict regulations in place for many years now regarding the lodging of shares as collateral in any form but only recently have we seen any suggestion that the regulations may have been infringed in any way.
Quite why so many of these possible infringements have come to light of late could have something to do with the credit crunch which has forced some business people to make other arrangements regarding their finances. As if investors need any reason to sell shares in the current economic climate, some of these directors allegedly involved in using their shares as collateral may well be forced sellers of their equity stakes at some stage.
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