Fees paid to non executive directors/related parties
I have a medium sized, privately owned company who have two non executive directors. These non exs consult with the company and raise a consultancy fee for the work done on an intermittent basis.They are not on the payroll and offer their services to other companies. The transactions are below materiality. Do these transactions have to be disclosed on the directors report and notes re related parties?, all the advice I have seen relates to public listed companies and not medium sized private companies.