Legal obligations

le-gal

Under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (CATSI Act) independent directors have the same duties and obligations as member directors. These include:

  • duty of care and diligence
  • duty of good faith
  • duty to not improperly use position or information
  • duty to disclose material personal interests
  • duty to not trade while insolvent.

 

You can read a fact sheet about duties of directors.

Feedback on this article can be sent to independentdirectory@oric.gov.au.