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Directors' duties, powers and liabilities (Duty to promote the success…
Directors' duties, powers and liabilities
Directors do not generally owe their duties to anyone other than the company nevertheless that has not prevented shareholders, employees, creditors and other third parties from attempting to sue directors, claiming remedies for wrongs allegedly committed by directors against them personally
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duty to exercise reasonable care, skill and diligence (s.174 of CA2006)
Adopts the minimum stand that objectively is now expected of a person in the directors position: that standards may be raised by the subjective element of the test if the particular director has any special knowledge, skill and experience
If directors have special skills or knowledge then they will be expected to exercise them otherwise they will be measured against the standard of a reasonable person occupying their position
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