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Directors' Duties - Coggle Diagram
Directors' Duties
management duties
criminal liability a officer in default if company fails to:
keep accounting records
circulate reports and accounts
give notice to Secretary of State of failure to appoint auditors
keep documents and registers (unless elections made)
key-specific management duties
prepare accounts
prepare directors' report
prepare renumeration and strategic reports (not all companies)
file reports with registrar
general management duties
act within powers
promote the success of the company
exercise independent judgement
exercise reasonable care, skill and diligence
conflict of interest duties
company contracts
specific transactions
substantial property transactions
loans and credit transactions
long-term service contracts
payment for loss of office
general duties
declare interest in proposed transaction
declare interest in existing transaction
not to be counted in board quorum or voting
conflict of interest
avoid conflicts of interest
not to accept benefits from third parties