Critically analyse this statement with reference to s.172 of the Companies Act 2006 and to relevant case law focusing in particular on the concept of “enlightened shareholder value”.

Assessment task details and instructions
 
Task details:
 
“The question is not whether, viewed objectively by the court, the particular act or omission which is challenged was in fact in the interests of the company; still less is the question whether the court, had it been in the position of the director at the relevant time, might have acted differently. Rather, the question is whether the director honestly believed that his act or omission was in the interests of the company”.  
(Parker, J in Regentcrest plc v Cohen [2001] 2 BCLC 319)
 
Critically analyse this statement with reference to s.172 of the Companies Act 2006 and to relevant case law focusing in particular on the concept of “enlightened shareholder value”.
 
Instructions:  
 
In this essay-style assignment you are expected to take a broad view of the issues arising from this statement and what it demonstrates in relation to the directors’ general statutory duty to promote the success of the company. You will need to consider the applicable law in the Companies Act and also relevant case law relating to the common law duty on which s.172 is based.    
 
Read carefully both the written and online guides to the OSCOLA referencing. Improper referencing results in lower marks.  
 
Your answer must be word-processed using Microsoft Word. All assessments must be written in Arial or Calibri font, 12pt with 1.5 spacing.  Please put page numbers at the bottom of your script.
 
 
Assessed intended learning outcomes
 
Knowledge and Understanding
Upon successful completion of the module, you will be able to:
 
1. Identify different forms of business media and the advantages and disadvantages of each.
2. Demonstrate a detailed knowledge and understanding of the law relating to companies.  
3. Identify and apply the legal principles and practice of company law and insolvency.  
4. Apply the principles of company law to solve hypothetical and practical problems.  
5. Analyse and comment upon the rules, policies and procedures of company law that may be subject to legal and academic debate.  
 
Practical, Professional or Subject Specific Skills
On completion you will have had the opportunity to/will be able to:
 
6. Research complex legal problems
7. Advise on legal and regulatory matters
8. Report on legal issues for business clients
 
Transferable Skills and other attributes (maximum of 5)
On completion you will have developed:
 
9. The ability to write in a clear and unambiguous manner using correct terminology and utilising accurate referencing techniques.
10. Practical problem-solving skills through the application of authoritative rules of law, both substantive and procedural.
11. The ability to use a range of primary and secondary sources of information; law reports, statutes, statistical data and socio-legal research.  
12. Writing skills enabling you to structure opinions on company law issues that are objective and ethical.  
13. The skills to carry out independent legal research, and manage independent learning, in the subject area, to demonstrate mastery of case law, statute, relevant international materials, secondary sources and electronic resources.
 
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