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Ultimate Governance, Risk &
Compliance  (GRC) Guides

What are the duties of directors and senior managers?

 

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What are the duties of directors and senior managers?

The duties of directors and senior managers are a crucial component of any business. As the individuals responsible for making decisions on behalf of the company, it is essential that they are aware of and comply with their duties and responsibilities. Directors and senior managers have a fiduciary duty to the company, meaning that they must act in the best interests of the company and not for their own personal gain. This includes avoiding conflicts of interest, exercising due care and diligence when making decisions, and ensuring that the company is not trading while insolvent. Directors and senior managers must also ensure that the company’s financial and accounting records are kept up to date and accurate. In addition to these duties, directors and senior managers must also ensure that the company complies with all relevant laws and regulations. This includes any applicable tax laws, employment laws, health and safety regulations, and environmental regulations. It is also important that directors and senior managers are aware of the company’s legal obligations and ensure that they are met. Directors and senior managers should also ensure that the company has adequate internal controls in place to protect the company’s assets and prevent fraud. This includes having appropriate procedures in place to ensure that financial transactions are authorised and recorded accurately. Finally, directors and senior managers are responsible for ensuring that the company has an effective corporate governance framework in place. This includes having appropriate policies and procedures in place to ensure that the business is run in a transparent and ethical manner. In summary, directors and senior managers have a wide range of duties and responsibilities. It is essential that they are aware of these and comply with them to ensure that the company is run in an effective and efficient manner. .



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