David is a director of AquaPower PLC, a renewable energy company. He learns of a lucrative contract to build a hydroelectric dam. AquaPower PLC considers the contract but decides it lacks the capital to pursue it. David then resigns and secures the contract for his own newly formed company. Has David breached his statutory duties under the Companies Act 2006?

Section 175 of the Companies Act 2006 requires directors to avoid conflicts of interest. This specifically includes the exploitation of any property, information, or opportunity. Crucially, it is immaterial whether the company could take advantage of the opportunity (as established in cases like Regal (Hastings) Ltd v Gulliver and IDC v Cooley). Resigning to take the opportunity does not absolve the director of this breach.