Companies Act 2014

Codification of Directors Duties and Responsibilities

The Act codifies Directors Duties and Responsibilities for the first time which are essentially based on old common law rules.

The following duties are set out in Section 228 as follows:

  • Directors must act in good faith in the interests of the company
  • Directors must act honestly and responsibly in relation to the conduct of the affairs of the company
  • Directors must act in accordance with the company’s constitution and exercise those powers only for the purposes allowed by law
  • Directors must not use the company’s property, information or opportunities for his or her own or anyone else’s benefit unless expressly permitted by the company’s constitution or approved by a resolution of the company in general meeting
  • Directors must not agree to fetter director’s powers to exercise an independent judgement unless it is expressly permitted by the company’s constitution or approved by a resolution of the company in general meeting
  • Directors must avoid any conflicts of interest
  • Directors must exercise care, skill and diligence
  • Directors must have regard to the interests of the company’s employees and also to the interests of the company’s members

Please feel free to contact us if you would like more information about the Companies Act 2014.

       Contacts:

       Noel Brady

Tel: 01 +353 1 7998300

Email:

       Ciara O’Luanaigh

       Tel: 01 +353 1 7998300

Email: