Should I become a director, do I need a board and what are my statutory responsibilities in both cases?
A board position is a positive career step in many ways. For some, it is the ability to take greater control and seize opportunities, while for others it may be a question of status. In practice, a director’s responsibilities and potential liabilities are a significant counterweight and can often be overlooked. The following resources will allow you to understand a director’s legal duties and the risks of something going wrong, so you can either become a board director yourself or hire one (or a whole team) for your own business.
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WHEN: You are starting out as a director in a startup and need a thorough overview of what your responsibilities are.
WHY: Sets an expectation on what’s will be required of you by law and what your liabilities may be if something goes badly wrong.
WHAT: A practical guide that explains legal terms with relevant examples.
WHEN: You want to check that you’re on top of your governance responsibilities.
WHY: Good governance at your business may be scrutinised by lenders or investors, large customers or would-be directors. Not having key processes in place can lead to major legal, operational or reputational risks.
WHAT: A checklist of good practice that doubles as a summary implementation guide.
WHEN: You’re preparing for growth or in a growth phase and require a larger, more robust, executive and non-executive board structure to help you achieve your company aims.
WHY: Growing a business single-handedly is not only quite lonely, it places enormous pressure on the owner.
WHAT: A guide to identifying board staffing needs and recruiting. Also, how to retain and manage directors.