What are the fiduciary duties of the company Director in a Singapore registered Company?
There are several key administrative and substantive duties of directors of the company in Singapore. Common Singapore law and the Companies Act specify the responsibilities, obligations, and liabilities of company directors.
Some of these duties include:
Discharging of their duties and responsibilities
Must have a degree that demonstrates relevant skills and knowledge to manage the company’s affairs
Must be honest and diligent while exercising their duties and always act in the company’s best interest
Avoid at all cost to get in a position of conflict of interest
Must employ their powers and assets that are entrusted upon them for the company’s proper purpose and not for any collateral purpose
Must remain in compliance with all the obligations and requirements under the Act that are concerning the accounts, reports, meetings, filings, resolutions, statements, filing notices, other vital documents of the company, and other legal requirements.
Must account their conduct of affairs to the shareholders
Make disclosures that are compulsory for directors under the Act