In summary directors of a limited company have a duty:

1. To act in the best interests of the company.
2. To act with due diligence, skill and care.
3. To carry out his/her responsibilities in good faith and honesty.
4. Of personal performance i.e. may not delegate his/her

    responsibilities to a third party.
5. In conflicts of interest to not benefit from his/her position as a

    company director.
6. To have regard for the interests of the employees and shareholders

    of the company and avoid “reckless” or “fraudulent trading”.
7. To keep proper corporate books of the company.
8. To prepare financial statements of the company each year.
9. To disclose all interest in any contracts entered into by the company.
10. To furnish information as requested to auditors.

OSK Contracting provide quality and professional business advice to indigenous Irish businesses. Our clients include government bodies; multi-national groups; PLCs; SMEs and sole traders but we specialise in progressive indigenous Irish family owned businesses.

Reprinted with kind permission by OSK Contracting www.osk.ie

Phone: 01 439 4200 East Point Plaza East Point Dublin 3

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