Presentation on Independent Director as per Companies Act 2013Vishal Dhona, ACS
Presentation is made for understanding what is independent director? what are its roles?
Also by means of this you can understand what are the various provisions applicable to independent director.
Presentation on Independent Director as per Companies Act 2013Vishal Dhona, ACS
Presentation is made for understanding what is independent director? what are its roles?
Also by means of this you can understand what are the various provisions applicable to independent director.
This information sheet provides general information on insolvency for directors whose companies are in financial difficulty, or are insolvent, and includes information on the most common forms of external administration.
This information sheet provides general information on insolvency for directors whose companies are in financial difficulty, or are insolvent, and includes information on the most common forms of external administration.
Companies need to auto enrol most formally employed staff in the UK onto pension schemes. It is then up to the individual if they want to opt out.
However, directors are often exempt from auto-enrolment duties, even if they have an employment contract.
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Discussion of Basic Forms of Business Organization. (Owbership)
Organization → represents a group of people who work together for the achievement of common objective
10 things non executive directors can do to satisfy their legal responsibilitiesDavid Doughty
The 2006 UK Companies Act, which sets out the legal duties and responsibilities of Company Directors, is one of the longest pieces of legislation ever written. Falling foul of the law can have serious consequences for directors including personal and potential criminal liability yet many directors, particularly NEDs, take on their roles in blissful ignorance of the law.
Before becoming a company director you should have a basic understanding of your legal duties and responsibilities and you should check for indemnity provisions in the company articles of association and your Directors’ and Officers’ (D&O) insurance arrangements.
Once in post, here are 10 things you can do to avoid the potential pitfalls:
In this practical session we explored the legal duties of directors and the difficulties which they may face. The session focussed on individuals who are directors for public sector companies, including their role, obligations and competing interests which may arise.
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• Highlight the crucial benchmarks, observable changes, in ensuring fulfillment of customer needs
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Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
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Digital Transformation and IT Strategy Toolkit and Templates
Duties of a director
1. DUTIES OF A DIRECTOR OF A NEWLY
SET UP COMPANY
We outline the code of conduct for directors of private
limited companies following company formation.
2. A director of a new company registration has a wide
range of important duties after setting up a company
and as such it is important that any newly appointed
director is aware of them.
This presentation highlights the duties involved for
new directors and also gives advice as to how to
avoid being in breach of these duties.
3. GENERAL DUTIES
Acting within their authority as directors
Acting in a way which promotes the interest of the
new company formation
Exercising reasonable care, skill and diligence
4. CONSTITUTIONAL AND CONTRACTUAL
DUTIES
Directors have a duty to act in accordance with any
constitutional or contractual agreements.
Examples of these include:
Memorandum of Association
Articles of Association
Shareholder Agreements
Employment Agreements
Service Agreements
Staff Handbooks
Board Resolutions
5. DUTY TO EXERCISE INDEPENDENT JUDGMENT
Broadly this means that directors cannot allow
others to influence their decisions or to make
decisions for them.
A director will not breach this duty if they:
act in accordance with an agreement entered into
by the newly set up company which restricts the
exercise of the directors’ discretion
act in a way authorised by the companies’
constitution
rely on the advice or work of others in making their
decisions
6. DUTY TO AVOID CONFLICTS OF INTEREST
Directors have a duty to avoid conflicts of interest
after they register a company.
Where one may arise they will need to disclose this
to non-conflicted directors and allow them to make
the decision regarding the relevant transaction.
7. DUTY NOT TO ACCEPT BENEFITS FROM THIRD
PARTIES
Directors must not accept benefits from third parties
for being a director.
However they will not be in breach of this duty if the
acceptance of such benefit cannot reasonably be
regarded as likely to give rise to a conflict of
interest.
8. FIDUCIARY DUTIES
Directors have a duty in law to act in good faith for
the best interest of the company after it has taken
part in the company registration process.
This includes a duty to:
Act properly
Not make secret profits
Avoid conflicts of interest.
9. MANAGEMENT DUTIES
It is the duty of the directors to manage
the company with care as soon as
company formation has taken place.
This generally means that all decisions
and actions made after setting up a
company should be taken that benefit the
company.
10. COMPLIANCE DUTIES
The directors are responsible for ensuring that
compliance matters are dealt with both accurately
and in a timely manner.
This includes such things as:
registering with the Information Commissioner
taking out insurance
completing the Companies House annual return
maintaining the Company Register.
11. EMPLOYMENT DUTIES
A director is responsible for the
employment of his/her staff.
This includes not only their
contractual and statutory rights but
also their general wellbeing and
safety whilst at work.
12. DEALING WITH TAXATION
Directors are responsible for calculating and
accounting for the tax that falls due after setting up a
company - including:
PAYE
NIC
VAT
Corporation Tax
Penalties and fines can be levied for errors and for
fraudulent tax evasion this can lead to criminal action
by the state.
13. INSOLVENCY
The directors are responsible for ensuring that the
company registration is trading whilst solvent.
Once they know that the company is insolvent they
can be committing a criminal offence.
The director has a duty to minimise the potential
losses of creditors if the company is in financial
trouble otherwise the director could be liable to
prosecution.
14. W: http://www.wisteriaformations.co.uk
@: formations@wisteria.co.uk
T: +44 (0)844 893 0808
A BIT ABOUT WISTERIA FORMATIONS...
UK Company Incorporation for £24.99.
Easy 10-step application process online.
Free consultation with business, tax and
accounting experts to get your business off to
the best start!
