what is the role of a coporate director? what general roles/duties of this specific type of director?

Question

I understand it may vary from company to company but a general overview would do
many thanks

Answer 1

WHAT ARE THE DIRECTORS’ POWERS, DUTIES AND RESPONSIBILITIES?

The directors are responsible for the management of the company. While their powers can be restricted by the company's articles they can in most cases can do anything that the company can do. With these powers come responsibilities.

Since the directors can act as and for the company, they must ensure that the company does everything that is is obliged to do by law and that the decisions they make are in the best interests of the company (i.e. the shareholders as a whole).

Directors must :-
Carry out duties diligently and honestly
Not carry on the business with intent to defraud creditors or for any fraudulent purpose
Not knowingly allow the company to trade while insolvent. Directors’ who do so may have to pay for the debts incurred while insolvent
Not knowingly deceive the shareholders
Have a regard for the interests of employees in general
Comply with the requirements of the Companies Acts, such as the preparation and circulation of accounts to the members and submission to Registrar of Companies within the time allowed


RESPONSIBILITIES OF DIRECTORS

Responsibilities of directors and managers of a Company are to ensure accounting records and other documents related to the transaction and financial position of the Company are properly record and to enable production of true and fair view of profit and loss accounts, balance sheets and other necessary document.

For company with subsidiaries the directors must make sure that the financial year of each of its subsidiaries coincide the holding company’s financial year within two years after any corporation becomes subsidiaries unless application is made to have the subsidiaries with different financial year.

At every annual general meeting of the company, the directors’ requested to present before the company once in every calendar year an audited accounts made for the period since the proceeding accounts made up to a date not more than 6 months before the date of the meeting.

To prepare a report in accordance with a resolution of the directors’ to be attached to every balance sheet laid before the company in general meeting.

There is more info at the links.

Answer 2

The basic responsibility of the Director is to exercise their
business judgment to act in what they reasonably believe to be in the best interests of the Company and its stockholders. In discharging that obligation, Directors should be
entitled to rely on the honesty and integrity of the Company’s senior executives and its outside advisors and auditors.

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Answer 3

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