Your company must keep and maintain a Register of directors’ interest in shares and debentures. This applies to every company registered with Companies House in the United Kingdom.
Generally, the register of directors’ interest in shares and debentures is a record of the extent to which your directors have invested personal wealth in the company and their dealing in securities. Why you must keep and maintain this register? Because your other shareholders would be interested to know.
Definition of interest
The meaning of interest in the context under the UK company law are:
- Interest under a trust.
- Interest owned by a company in which the director owns one-third of the voting rights.
- Entitlement to exercise any rights in shares.
For this purpose, the interests of your directors’ spouses and their infant children and your shadow directors are included. Consequently, your register must keep both acquisitions and disposals of by sale or assignment. In addition, if your director has to the rights to exercise share options, this as well.
Location of your the register of directors interest in shares and debentures
Usually, the Register of directors’ interest in shares and debentures is kept your company’s registered office address. However, if your register is kept at a different address, your company must notify the Registrar of Companies of this. In this case, you must submit the Companies House form AD02. This address is called the SAIL address.
On the other hand, the register must be made available at your Annual General Meeting. Even though it is not mandatory for your company to disclose whom is the ultimate controlling party of your company. However, you must disclose the person with significant control or influence to Companies House. You must include this information in your Confirmation Statement.