Saturday 15 January 2011

If asked at an interview ... Seven Duties of Directors

Directors must bear in mind these seven duties in all their activities and obtain professional advice if unsure of what is required in any given situation.

  1. To act within the powers of the company and to exercise powers only for the purpose for which they were conferred.
  2. To promote the success of the company and, in doing so, have regard to the likely consequences in the long term and to the interests of the employees.
  3. To exercise independent judgment.
  4. To exercise the care, skill and diligence expected of a director with knowledge, skill and experience.
  5. To avoid conflicts of interest.
  6. Not to accept benefits from third parties.
  7. To declare any interest in a proposed transaction or arrangement.

Courtesy of the Sunday Times on the 9th of January.

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