A company director manages a company's affairs, sets its strategic direction, and is responsible for complying with corporate filings and record-keeping. Directors must act in good faith and in the company's best interests, avoiding conflicts of interest and exercising proper diligence. They have legal duties and can face civil or criminal penalties, including fines, imprisonment, or disqualification, for failing to fulfill these responsibilities.
Responsibilities of a Company Director
- Manage company affairs:This includes making decisions about opening bank accounts, selling assets, and investing company funds.
- Strategic Direction:A director helps set the company's long-term goals and business direction.
- Record Keeping:Ensuring proper and up-to-date records of transactions and financial statements are kept.
- Compliance:Filing necessary corporate documents, tax returns, and other filings with regulatory bodies like the Accounting and Corporate Regulatory Authority (ACRA).
- Fiduciary Duties:Act in good faith: Conduct the company's affairs with honesty and integrity.
Act in the company's best interests: Prioritize the company, its shareholders, and its stakeholders.
Exercise due diligence: Apply reasonable care and skill in carrying out their duties.
Avoid conflicts of interest: Disclose any personal interests that could conflict with the company's interests.
