Advising on Directors’ & Officers’ duties & liabilities
Directors and officers have legal duties and liabilities. Without a clear understanding of what those are there is a risk of non-compliance. We advise on all compliance and corporate governance issues.
We advise on all compliance and corporate governance issues
Some of the main duties include to act honestly and carefully, know what the company is doing, take care when handling other people’s money, being able to pay debts, keeping proper financial records, acting in the company’s best interest and using information gained as a director, properly and ethically.
What does a director have to tell ASIC?
The company must pay its annual review fee and pass a solvency resolution each year, and inform ASIC of any changes to the company when they are known.
Corporate Governance – is it relevant to SMEs?
Good corporate governance will delve deep into the four Ps – People, Purpose, Process and Performance. If SME’s adopt a good governance structure it will contribute to the long-term success and value of the company. Good governance enhances professionalism, facilitates succession planning and can build up the company’s reputation in the market by gaining the respect of external stakeholders.