Duties of an Independent Director

  1. Exercise reasonable care, diligence, and skill in carrying out duties
  2. To act as honestly, in good faith, in the interests of the company, and to avoid conflicts of interests
  3. Primary role is advisory and supportive – help Board towards balanced decisions, objectively
  4. Examine information
  5. Are you in sympathy with the business, aims and style?
  6. Would you be prepared to invest in it long term
  7. Penalties for knowingly part to fraudulent or wrongful trading
  8. Be sure you have identified any shortcomings and are sure the team can deal with them
  9. Make sure everyone knows what you are doing – avoidance of conflict of interest
  10. Background reading – keeping informed about the industry
  11. May have to surrender fees to existing main employer
  12. Make own pension arrangements
  13. Read and study Board papers before the meeting
  14. Shareholders interests come before directors’.

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