The report noted above consider the responses received to the Law Commissions' 1998 Joint Consultation Paper "Company Directors: Regulating Conflicts of Interests and Formulating a Statement of Duties".

Its main recommendation is for the introduction of a statutory statement of the principal duties which a director owes to a company, for there to be a statutory definition of a director’s duty of skill and care using a dual objective/subjective standard similar to the terms of Insolvency Act 1986 s.214(4) and for the use of company forms and official pamphlets to publicise the duties of directors.

See also notes at ACTS OF PARLIAMENT etc/Companies (Audit, Investigations and Community Enterprise) Act 2004 .