If you’re a director, make sure you’re up to speed on both company law and the accepted code of behaviour required for the job. If you ignore the underlying principles of ‘good faith’ and ‘duty of care’ you could be fined up to $200,000 or face jail time. Remember to:
- Maintain a consistently solid understanding of the company’s activities and financial status.
- Confidently read, understand, question, and manage the company’s financial statements.
- Stay curious and use your independent judgement when dealing with company matters.
- Utilise reports, statements, and expert help to make decisions in the best interest of the company and know when to ask for more information.
- Consider joining The Institute of Directors to develop your skills and knowledge, learn from more experienced directors, and access helpful information and services.