Board duties

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.

A director's duties

Review the duties of a board director

from Startups

WHAT?  A practical guide that explains legal terms with relevant examples

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 will be required of you by law and what your liabilities may be if something goes badly wrong


>>  Good governance must be a start-up priority from Growth Business

>>  Regulations for SMEs from Financial Director

Good governance

Use the good governance framework

from Institute of Directors

WHAT?  A checklist of good practice that doubles as a summary implementation guide

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.


>>  Family firm governance from Bytestart

>>  Good governance implementation challenges for SMEs from ACCA

Board members

Build your board

from Law Donut

WHAT?  A guide to identifying board staffing needs and recruiting. Also, how to retain and manage directors.

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


>>  Recruiting startup directors from NI Business Info

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