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Companies Act 2014 is due to commence on 1st June 2015.
To qualify for appointment as a Company director a person cannot be :
- under 18 years of age
- a body corporate
- undischarged bankrupt
- director of more than 25 companies unless those other companies are exempted (exemptions are: PLCs, Form B67 registered companies, Licensed under the Central Bank Act 1971, Holding Companies)
- disqualified
Directors Duties
The principal fiduciary responsibilities of a director are set out in Part 5 of the Companies Act 2014.
There is a requirement on a director to act in good faith, to act honestly and responsibly and to act in according to the company’s constitution.
The main duties are:
- To ensure that this act is complied with
- To have regard to interests of employees
- Provide a compliance policy statement and related statement with the director’s report. (does not apply to a exempted company or to a company whose turnover does not exceed €12,500,000 and balance sheet total does not exceed €25,000,000.)
- Ensure that the Secretary appointed by the directors has the skills necessary to enable him or her maintain the records required to be kept by the act.
Single-director companies (new simplified LTD company model only) must have a separate secretary. The director cannot also act as the secretary.