"
Principally it's just a title."
Actually I disagree with that statement. It is more than a title. A directorship has some onerous responsibilities attached - I think
There is a legal doctrine known as the, 'fiduciary duties' of directors. A fiduciary duty is the highest standard of care in equity or law.
There are also directors duties to be found in the Corporations Act 2001. A breach of those duties
may result in civil, criminal prosecution and sanctions.
For example -
1. Insolvent Trading (s 588G)
2. Financial Information (s 344)
3. Disclosing directors interest (s 191, 208 and 205G)
4. Lodging information with ASIC (s 188)
5. Continuous disclosure (s 674)
And then there are the 4 areas of responsibility set out in the Corporations Act 2001
1. Care and diligence (s 180)
2. Good faith (common law and s 180)
3. Bot to improperly use position (s 182)
4. Not to improperly use information (s 183)
So ... I think it is reasonably clear that it is much more than a title - much, much more - in fact!
Enjoy your weekend.
