The continued spread of Coronavirus (COVID-19) has led to some
of the greatest restrictions on people movements and gatherings
ever imposed globally, including lockdowns, closure of borders and
suspension of air and other forms of travel.
An immediate consequence of this is that it may be difficult for
boards of offshore entities to meet physically in the relevant
jurisdiction, as a result of self-isolation, lockdowns or other
restrictions. This, in turn, has led to questions being raised by
companies as to whether they will still be able to satisfy
'directed and managed' and other tests set out in economic
substance legislation which require a certain number of board
meetings to be carried out, with a quorum and majority of those
voting being present physically in the jurisdiction.
