LimitedAs companywell directorsas completespecific severalrules, tasksdirectors eachhave yeargeneral toduties complythey withmust financialmeet. andNot regulatorymeeting rules.

Therethese areduties alsocan manylead general duties you are expected to fulfil as a director.consequences.

General director duties

The full list of duties is contained in the Companies Act 2006.

Some of the key duties are:

Company’sAct constitutionwithin powers

You must followmake thesure writtenyou constitutionknow what you can do as a director of your company. This information is createdin whenyour youcompany’s setarticles upof yourassociation company.and any later resolutions. These are sometimes known as the company’s constitution.

Promote the success of the company

ThisWhen meanspromoting consideringthe success of the company you must consider the company’s shareholders and also the impact your company has on others, the environment, any employeesemployees, colleagues and colleagues. others.

It also requires you to act in the interest of creditors if you are insolvent.

Independent judgement

Take advice, but always make decisions for yourself.

Exercise reasonable care, skill and diligence

UseThis theis skillsjudged youby havewhat a reasonably conscientious person would do in the bestsame wayrole, possible.taking into account both the role itself and your own knowledge and experience.

Avoid conflicts of interest

Do not take advantage of your position as a director to gain unfair advantages or create conflicts in business or other relationships.

Third-party benefits

Generally, you shouldn’t accept benefits from third parties that may cause conflicts of interest.

Interests in a transaction

You must tell other directors if you personally benefit from a company transaction.

If in doubt, seek advice If you are not sure what duties directors have, you should speak to a professional adviser such as your accountant or a trade body.

Other duties

If you are not sure what other duties directors have, you should speak to a professional adviser such as your accountant or a trade body.body.

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