Responsibilities of Company Directors

The Companies Act 2006 outlined seven key responsibilities of company directors. It is very important that all directors (including non-executives) fully understand the extent of their responsibilities, and are aware that failure to conform can result in the loss of their protection from personal liability.

Briefly the seven key responsibilities are as follows:

1) Duty to act within your powers as a company director –
2) Duty to promote the success of your company
3) Duty to exercise independent judgement
4) Duty to exercise reasonable care, skill and diligence
5) Duty to avoid conflicts of interest
6. Duty not to accept benefits from third parties
7) Duty to declare interest in proposed transaction or arrangement with the company

For fuller details visit the Companies House website or contact us

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