As 2012 begins and the spotlight remains firmly on company directors, it is essential that those leading business in Ireland fully understand the responsibilities of their role. Now more than ever, company directors must act with integrity and adhere to the highest professional standards.
The first Institute of Directors training workshop in Galway takes place on Tuesday, 21th February, 2012, in Galway Chamber of Commerce, Merchants Road. This one-day workshop, which is open to both members and non-members of the IoD, will focus on corporate governance requirements and on the duties and responsibilities of directors in Ireland. For further information visit www.iodireland.ie
Maura Quinn, Chief Executive of the Institute of Directors in Ireland (IoD ) has prepared a useful dos and don’ts checklist for company directors in Galway:
Key things that a director must do:
• Act in the best interest of the success of the company.
• Act honestly, act diligently, keep good records of how the company is directed and controlled.
• Take good advice.
• Keep knowledge up-to-date.
• Show leadership and discharge directors’ duties.
• Disclose conflicts of interest.
• Ensure a culture of good communications.
• Make sound judgments.
• Attend board meetings.
Key things that a director must not do:
• Never act in anyone’s interests other than the company’s interest.
• Never act dishonestly or recklessly.
• Never be involved in wrongful or fraudulent trading.
• Never take bribes/personal gain.
• Never withhold information that is relevant to the board’s decisions.
• Never break the law.
• Never make assumptions/fail to challenge.
• Never allow the company to trade while insolvent.
• Never act for competitors.
There is a wide range of duties and responsibilities attached to the role of the director and it is therefore crucial that those who enter into a career as a director do so with their eyes wide open. Whether you are a newly appointed director or simply wish to refresh your knowledge and expertise, the Institute of Directors in Ireland offers an extensive training programme.