7 key directors duties
- Your company’s constitution
- To promote success of the company
- To exercise independent judgement
- To exercise reasonable care, skill & diligence
- To avoid conflicts of interest
- Not to accept benefits from third parties
- To declare, where applicable, any interest in a transaction or arrangement with the company
How can a director prove they’ve fulfilled these legal duties?One of the important purposes of the minutes of board meetings is to provide a record of the board’s decision-making process.
By law, these minutes must be kept for 10 years. Years from now, it may be difficult for you to remember if you fulfilled your directors’ duties in respect of some key decision. The minutes can provide vital evidence that you did – something that you may well have cause to be grateful for.
Click here for a detailed explanation to each of the 7 key duties of a director.