Generally, the day to day affairs of a company are controlled by the directors, not the members. The directors must act in the best interests of the company at all times and cannot act in their own self interest at the expense of the company. Company directors have many responsibilities to the company and have received notoriety in recent years with some spectacular business failures.
Many directors do not fully understand their responsibilities. It is not possible to be a company director without being fully responsible for that company. The responsibilities and duties of company directors are contained in the Corporations Act 2001 (Cth) and in common law principles. All references in this part are to this legislation unless otherwise stated, see also corporate crime.
ASIC has some important information for prospective and current directors of companies to assist in understanding not only the obligations to the company and its shareholders, also the administrative obligations including advising of changes of address or changes to officeholders. Visit the ASIC page Running a Company - Company Office Holder Duties
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