The minimum number of directors and officers a company must have is set out in the Corporations Act, and stipulates that private companies must have one director while public companies must have at least three directors. There is no maximum limit on board sizes in Australia. From a decision-making perspective, it is also best to have an uneven number of directors so as to avoid a voting deadlock.
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What are company directors’ duties and responsibilities?
In general, directors’ duties are set out under the Corporations Act 2001, which governs the way in which companies are run. The board of directors are responsible for a company’s…read more
To what extent are directors liable where they are in breach of their duties?
The Corporations Act provides defences where directors may be in breach of duties, including when they have relied on third-party advice or where a director has made a ‘business judgement’…read more
What is the role of the Australian Institute of Company Directors?
The Australian Institute of Company Directors (AICD) is a not-for-profit membership organisation for directors. The AICD advocates policies on issues of interest to directors and represents members on these issues.read more