Sprouting fiduciary duty of honesty and fidelity: Companies Act 2006

Directors’ duties have been well established in case law. The case law is by no means a black-letter law on which duty is of fiduciary nature. Arguably, one of the purposes of statutory codification serves to this end. However, s.170(4) of Companies Act 2006 refers to the application of common law and equitable principles to the general duties; this focuses attention on what constitutes a fiduciary duty, as it defines neither fiduciary duties nor strict duties. First, the question remains regarding to what extent a dutyconstitutes a fiduciary duty. For the classification of a fiduciary duty will plausibly confirm a substantive institutional proprietary interest. Secondly, with the assistance of the notion of honesty and loyalty, how might courts ascertain whether a statutory duty is also a fiduciary duty?