1) To act in good faith
At all times a Director must act in good faith of the overall interests of the company. They must act independently and not to represent another individual interest.
2) Exercise Reasonable Care & Skill
A Director must act to exercise reasonable level of care as any prudent person would in the circumstances and on the facts known at that time. The required level of knowledge expertise & skill may vary between the Directors be they for instance executive and non executive. They may rely partially on others when acting collectively for their skills and knowledge in reaching a Board decision.
3) Exercise their powers as a Director for a proper purpose
The Director should not abuse any of their executive power to ensure their own position. At all times they should act in good faith for the interest of the company as a whole.
4) Conflicts of Interest and Duties
At all times the Director must act declare any potential conflicts of interest. He must not take on any new position that may endanger his existing relationships without the express permission of the officers of the company (Usually the Chairman).
5) Duty to Account for the Profits and Losses of the Company
A Director may not use the assets of the company belonging to shareholders for their personal advantage or gain.
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