Seven up! The statutory duties of directors under the Companies Act 2006

Whilst directors of limited companies have always had a number of duties and obligations, the Companies Act 2006 places those duties in a statutory code for the first time. The first four duties came into effect on the 1 October 2007 and the last three are due to come into effect on 1 October 2008.

These duties require a director to: act within the powers of the company; promote the success of the company; exercise independent judgement; exercise reasonable care, skill and diligence; avoid conflicts of interest; not accept benefits from third parties and declare an interest in a proposed transaction.

For further details of the seven duties, click here to see our fact sheet.

For further advice, call Nigel Pepper or Patrick Nelson on 01785 211411.