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.