Companies Act 2014 section 260

Interests that are not disclosable interests for the purposes of this Chapter

Section 260 sets out the types of interests in shares and debentures that are exempt from the disclosure requirements imposed on directors and secretaries under this Chapter.

• Certain trust-related interests (reversionary, bare trustee, and discretionary interests), collective investment holdings, and irrevocable settlement life interests where the settlor retains no benefit are all excluded from disclosure
• Shares or debentures held by a stockbroker purely as security in the ordinary course of business, and powers exercised solely as an attorney or proxy, are not disclosable interests
• Where a director's combined family shareholding amounts to 1% or less of a class of voting share capital, or the shares or debentures carry no general voting rights, no disclosure is required
• Interests that would only arise from a takeover offer that fails to reach the required level of acceptance are excluded, and the Minister may prescribe further classes of exempt interest

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