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Becoming Company Director - what should I worry about?

4 replies

MishkaNorushka · 22/05/2024 21:41

Due to restructuring our big, corporate organisation has found itself short on local directors. I have been suggested to consider becoming one. Compensation and actual responsibilities aside, what should I be asking to make sure I am clear on any legal personal liabilities? It just does not feel like a promotion, more of a problem fix for the company. I will seek legal advice but would be good to know what to ask the lawyer too. Thank you.

OP posts:
Spirallingdownwards · 22/05/2024 21:45

Ask the lawyer to explain your fiduciary duties as well as any criminal charges that may arise in your company's field. Also what may lead to disqualification as a director.

Are you also going to be a shareholder?

Katrinawaves · 22/05/2024 21:53

Definitely need D&O insurance cover. Check the policy and coverage to be sure you are happy.

Also get advice on your personal liabilities under the Companies Act and for breaches of Health and Safety legislation

The company should be paying for this advice by the way.

MishkaNorushka · 22/05/2024 22:01

Thank you

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