General Duties of Directors

  • Date:31 Jan 2013
  • Type:Director Q&A

Directors govern companies on behalf of the shareholder who elect them. All directors must comply with basic legal requirements under the Corporations Act 2001 which specifies four main duties for directors with a number of other areas of key responsibility. This Q&A runs through the role of directors and their responsibilities under this legislation as well as the consequences of breaching the law.

Login to find answers to:

  • Who are considered to be directors?
  • What are the four basic directors’ duties?
  • Are there additional directors’ duties under the corporations act?
  • Are there directors’ responsibilities under other laws?
  • What are the consequences of breaching directors’ duties laws?
  • What is the business judgment rule?
  • Is there a duty to consider broader ‘stakeholder’ interests?
  • What duties exist in organisations not governed by the corporations act 2001?
  • How many directors are needed?
  • What titles do directors have?
  • What time commitment should a director expect?

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