The key roles of directors include:
- Managing the company and providing it with a direction
- Making decisions for the company
- Acting in the best interest of the company
- Being honest and diligent in carrying out his/her duties
- Investment by the director is an essential part of this directorship
- Ensuring that the company's accounting records are kept and demonstrate the company's financial position. The files must be held in a way that allows them to be inspected by the other company directors.
- Submitting financial statements to shareholders at least once a year at the company's annual general meeting (AGM)
- Holding AGMs at least once a year
- Holding extraordinary general meetings if requested by the shareholders, who together own a minimum of 10% of the company's shares
- Appointing a company secretary within six months of starting the business
- Appointing an auditor or a committee of auditors within the first three months of starting the business, unless exempted
- Paying final dividends to company shareholders out of the company's profits
- Ensuring that company shares are issued only after approval from the company shareholders
- Avoiding conflicts of interest. However, if a conflict arises, directors are obliged to disclose the dispute to the company. An example of a conflict of interest is when the director gains personal gain from a company transaction. In this scenario, he/she must disclose the potential personal gain in said transaction to the company.
