What are the duties of Officers and Directors
What are the duties of Officers and Directors?
Expert
Section 122 of the CBCA imposes two main duties on Officers and Directors:
1. Fiduciary duty – This is a duty to “act honesty and in good confidence by means of a view to best security of corporation.”
2. Duty of care – The directors is required to “exercise the care, skill as well as diligence, which reasonably practical person which would employ in similar conditions.”
These duties are also imposed at common law. The fiduciary duty includes a duty to avoid any conflict of interest with the corporation.
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1. GML owns 92% of the issued shares in Explorer Ltd. The remaining 8% of the shares are held by five individuals, including a Mr Owen who owns 0.5% of the issued shares. Mr Owen is a high profile individual who has at times been critical of the Chinese government’s activities in the South China
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