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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