In order to be a director, a person must be at least 18 years old and must not be disqualified from managing a company under the Corporations Act. Individuals are disqualified from managing a company if they are an undischarged bankrupt, insolvent, have been convicted of fraud or insolvency offences or have been charged with an offence punishable by more than 12 months in prison. In Australia companies are required to have a specific number of directors who are ordinarily resident here, the number being one for private companies and two for public companies.
You may also like...
[ featured posts (collapsed to save space) ]
What are the benefits of corporate governance?
Corporate governance is critical for an organisation, as it increases accountability. When the board of directors, management, company employees and shareholders are responsible for each other, this helps ensure everyone…read more
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
Are board directors paid?
The Corporations Act states that directors may be paid a fee for directorial services as set out by a member resolution. Directors may also be reimbursed for travelling and other…read more