General Business Advice

Directors

All companies must have at least one director who is an individual (as opposed to another company). Until the Company Act 2006 came into force, many directors' duties were implied but are now statutory.

There are seven general duties: to act within powers granted by the company's constitution, to promote the success of the company, to exercise independent judgement, to exercise reasonable care, skill and diligence, to avoid conflicts of interest, to declare any interest in a proposed transaction or arrangement and not to accept benefits from third parties.

It should be noted that these duties are owed to the company and not necessarily to the shareholders.

We can discuss your duties as a director with you in more detail and are happy to provide training either individually or to a group of directors. Please call us for a no obligation discussion.