you are being precise and I should have been as well . I should have recorded the full version and how it is to be read - the price of being in a hurry.
ASIC summarises it thus
"There are numerous and important legal responsibilities imposed
on directors under the
Corporations Act 2001 and other laws, including the general law.
Of these duties, some of the most significant are:
- to act in good faith in the best interests of the company and for a proper purpose
- to exercise care and diligence
- to avoid conflicts between the interests of the company and your personal interests
- to prevent the company trading while insolvent (i.e. while it is unable to pay its debts as and when they fall due)
- if the company is being wound up, to:
- report to the liquidator on the affairs of the company
- help the liquidator (e.g. by giving the liquidator the company books and records that you may have in your possession).
While this list does not cover every duty you may have or every possible circumstance, you are unlikely to get into trouble as a company director if you:
- are honest and careful in dealing with the company and on its behalf with others
- understand your legal obligations and make compliance with them part of your business
- keep informed about your company’s financial position and performance, ensuring your company can pay its debts on time and keeps proper financial records
- give the interests of the company, its shareholders and its creditors top priority, which includes acting in the company’s best interests (even if this may not be in your own interests)
- use information you get through your position properly and in the best interests of the company
- get professional advice or more information if you are in doubt."
In other words it is the company but the shareholders matter. There is also something somewhere - but I would have to find it - that makes it very clear that Directors must not favour one shareholder group or individual over another/the rest.
parsifal
