Duties and Liabilities of Directors

General Duties of Company Directors

Directors of a company are legally required to act in good faith and in the best interests of the company. Their key responsibilities include:

• Ensuring the proper governance, administration, and management of the company.

• Supervising the company’s affairs and making informed decisions.

  
  

Specific duties include:

• Exercising care, diligence, and skill equivalent to a reasonably diligent person in the director's position.

• Avoiding secret or personal profits from their role and not misusing confidential company information.

• Ensuring their personal interests do not conflict with the company's interests.

• Not using company resources, information, or opportunities for personal gain without consent.

• Using their powers only for the purposes they were intended for, without abuse.

  
  

Additionally, individuals may not serve as directors if they are:

• Undischarged bankrupts or subject to legal restrictions.

• Convicted of crimes involving public trust, theft, or fraud.

• Minors without emancipation or subject to a court disqualification order.