Company Officers – Whats Involved
Useful for: Business
In Brief
- The officers of a company are responsible for setting strategy, ensuring compliance with laws, and monitoring management.
- An officer is more than just the Directors and Secretary. An officer may also be a person who significantly affects or influences the board in terms of the decision making of the company in relation to strategic or financial direction.
- The common law and the Corporations Act place a number of duties on officers to act with a level of skill, competence and care, in good faith in the best interests of the company and not for any improper or personal purpose.
- The standard can be set by asking “what would a reasonable officer do in these particular circumstances”.
- Particular attention should be paid to the laws in relation to insolvent trading by a company. Do not ignore the warning signs that a company is, or is heading for, insolvent trading. Seek advice from an insolvency expert through your lawyer or accountant.
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