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
OTHER RESOURCES?
>> 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.
OTHER RESOURCES?
>> 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
OTHER RESOURCES?
>> Recruiting startup directors from NI Business Info
