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Key Information all directors should know

Core Duties

There are at least 7 core duties that it is essential for company directors to adhere to. These are as follows:

There are of course other duties but these 7 are the most important.

Company Director Quiz

Test Yourself - Can you answer these questions? No cheating!

  1. To whom do you owe the greatest responsibility?

a) customers

b) shareholders

c) employees

d) your creditors

  1. Which of the following is not an important duty for a director?

a) to promote the success of the company

b) to make maximum profit

c) to exercise care, skill and diligence

d) to exercise independent judgment

  1. How can I reward my best customers?

a) with discounts

b) with lunch

c) with a hosted hospitality day at the races

d) with a ticket to a gala dinner

  1. What incentives can I accept from my suppliers?

a) a Christmas or seasonal gift

b) a large discount

c) a referral fee

d) a theatre ticket

  1. My personal finances are always safe from creditors because the limited company status protects me:

a) true

b) false

  1. What are the penalties for getting anything wrong?

a) civil

b) criminal

c) both

How did you do?