Potential breach of Directors obligations among others are...
1: Breach of Fiduciary duties, may lead to personal liability of the director including civil and criminal
penalties and liability for damages..
2: Breach of acting honestly. This duty demands more than a general sense of honesty; it requires directors to exercise independent judgment in light of relevant facts, materials and other views when assessing the best
interests of the company.
Importantly, a breach of this duty that involves fraud, dishonesty and even recklessness may attract criminal penalties.
3: Breach of conflict of interest. The director’s resignation may be required.
4: Breach of duty of care and diligence: A director is required to discharge its duties with the same degree
of care and diligence that a reasonable person in a similar position would exercise.
The list goes on. Wondering if CCC directors could have personal liability issues if breaches in Director obligations are proven to have been breached. Allegations need proof however.
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