Some key provisions and guidelines for directors under the Corporations Act 2001 (Cth) include:
- Section 180: Duty to act with care and diligence
- Section 181: Duty to act in good faith in the best interests of the company
- Section 182: Duty to not improperly use position or information
- Section 183: Duty to disclose interests in transactions or agreements
- Section 184: Duty not to accept benefits from third parties
- Section 191: Duty to prevent insolvent trading
- Section 198A: Duty to disclose material personal interests in a matter
- Section 299A: Duty to disclose material personal interests in a matter
- Section 300: Duty to disclose material personal interests in a matter
- Section 9 of the Corporations Act 2001: Duty to act honestly and in good faith
- Section 1041H: Duty of due care and diligence
- Section 1041I: Duty to act in the best interests of the company
- Section 1041J: Duty to disclose interests in transactions or agreements
- Section 1041K: Duty not to accept benefits from third parties
- Section 1317A: Duty to prevent insolvent trading
Websites:
- Federal Legislation website – Corporations Act 2001
- Australasian Legal Information Institute website – Australasian Legal Information Institute
NOTE: Laws and regulations are subject to change and are updated regularly.
Additionally, the Australian Securities and Investments Commission (ASIC) has issued a number of guidelines for directors, including:
- Regulatory Guide 230: Directors’ Responsibilities
- Regulatory Guide 231: Directors’ Duties
- Regulatory Guide 232: Directors’ Duties: Solvent and Insolvent Companies
- Regulatory Guide 251: Corporate Governance: A Guide for Directors of Listed Entities
- Regulatory Guide 270: Corporate Governance for Proprietary Companies
- Regulatory Guide 271: Corporate Governance for Not-for-Profit Companies.
- ASIC website – regulatory guidelines (find a document)
NOTE: Regulatory Guides are Subject to change and updated regularly.
It’s important to note that these provisions and guidelines are not exhaustive, and directors are also subject to other laws, regulations, and industry-specific codes of conduct. It’s always best to consult your professional team if you have any doubts or questions about these obligations. This is only intended to inform, not advice.