Acting as a Director of an Irish registered Company in 2019 brings with it a range of duties and responsibilities. Directors need to ensure that they are familiar with the legal responsibilities, obligations and personal risk attached to their role.
A director is responsible for the day-to-day management of a company and is expected to make strategic and operational decisions for the company and to continuously manage its activities. A thorough understanding of expectations and duties can assist with ensuring the best corporate governance practices. Where a director fails to comply with their duties they may be liable to, amongst others, customers, clients, suppliers, governmental authorities, the company and its members. If a director neglects to oversee the proper management of the company, they expose themselves to both civil and criminal actions. In this guide, we provide practical information on how to manage some of the key duties directors face in accordance with company law, as well as some of the risks faced for a failure to effectively undertake the role.
The term “director” includes “any person occupying the position of director by whatever name called”. Accordingly, the legal responsibilities and obligations of a director apply to shadow directors and de facto directors, although such persons are not formally appointed.
In this guide, we aim to provide practical information on how to manage some of the key duties and obligations.