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What Work Is Involved In Being A Director Of Your Company?

What Work Is Involved In Being A Director Of Your Company?

Your job as a director is to manage the business affairs of your company.  You can refer to your company’s constitution as it may set out your powers and functions of being a director of your company.

One of your main duties is to understand what your company is doing at all times.  You need to:

  • be active and engaged in directors’ meetings
  • obtain independent advice if you need further or more information to make an informed decision
  • question managers and staff about aspects of the business if you feel you need to
  • find out how any proposed actions or directions will affect the company, especially if there are large amounts of money involved.

Be wary if you are offered to be a director or secretary on the promise that it will not involve any work on your behalf.  Becoming a director under these circumstances could expose yourself to unwanted legal liabilities.

You should only agree to be a director if you understand what your role and responsibilities are, and you are willing to carry them out.

Please refer to the ASIC web page for further information.

 

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