What obligations does a director have? Part I: statutory duties
By Nick Jones
Becoming a director gives status and a direct impact on the strategy and success of a business. How free is a director to act alone? What obligations and duties should a director bear in mind?
This is the first of four articles summarising the general duties and potential liabilities of a director of an English private company (which is not in a group with a PLC).
Day-to-day management of a company is delegated to the directors by its shareholders. Directors are initially appointed by the shareholders and can usually themselves appoint additional directors up to any limit set by the articles of association…
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