What Are a Company Director's Responsibilities?

Quick answer: Directors must act in the company's best interests, avoid conflicts of interest, act with reasonable care and skill, and keep the company compliant.

The core duties

• Good faith. Act in the best interests of the company.
• No conflicts. Declare personal interests in company deals.
• Care and skill. Make informed, reasonable decisions.
• Compliance. Keep records and file returns on time.

Practical responsibilities

• Filing annual returns with CIPC
• Keeping beneficial ownership information current
• Keeping proper financial records
• Making sure tax obligations are met

Who can be a director

A private company needs at least one director. Some people are disqualified, for example unrehabilitated insolvents.

Need to change a director? See how to add or remove a director.