The role of director should be accepted lightly as it covers a number of responsibilities and duties. For a director of an incorporated body, the Companies Act 2006 sets out a statement of your general duties and outlines seven statutory directors’ duties, which should also be considered for shadow directors.
In this fact sheet on "Directors' Responsibilities" read more about the statutory directors’ duties:-
- Duty to act within their powers
- Duty to promote the success of the company
- Duty to exercise independent judgement
- Duty to exercise reasonable care, skill and diligence
- Duty to avoid conflicts of interest
- Duty not to accept benefits from third parties
- Duty to declare interest in a proposed transaction or arrangement
Enforcement and penalties are also considered in the fact sheet.
If you would like to discuss further the duties and responsibilities of directors, please do get in touch. We would be delighted to hear from you.
DISCLAIMER: This information is for guidance only, and professional advice should be obtained before acting on any information contained herein. We will not accept any responsibility for loss to any person as a result of action taken or refrained from in consequence of the contents of this publication.