Directors Duties

This topic has 3 replies, 2 voices, and was last updated 2 months ago by MikeLittle.

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May 9, 2022 at 9:51 pm #655278
TMaC123
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Hi Mike,

Thanks for all your lectures – very interesting and entertaining at times!

I’m interested to know if a CIC company would have the same 7 duties that have been outlined in the notes for a standard company – act within their powers, perform their duties with reasonable skill, care, and diligence, etc…

What would the directors of a CIC be liable for if it was a CIC limited by guarantee? Also, if it was a CIC limited by shares what would the director liabilities be?

I know you said in your lectures that these companies are less common but I’m hearing about them more and more as investors are becoming more interested in the social and environmental aspects.

Thanks
May 10, 2022 at 7:19 am #655294
MikeLittle
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Hi Thomas

Good question … from an interest point of view although, as I’ve said in lectures and as you have pointed out, it’s not the hottest of topics for the ACCA examiner to test in any depth

But I put into my search box ‘community interest companies directors duties’ and this came up!

https://manchestercommunitycentral.org/factsheet-7-community-interest-companies-directors%e2%80%99-legal-responsibilities?msclkid=3be4908ad02811ec81aba71b40d4604b

It is as I expected – the directors of a CIC have the same duties and powers as the directors of any company

I trust that this helps

PS How come that, when I click on your avatar, the legend ‘Author at free ACCA & CIMA courses’ comes up? ? ?
May 10, 2022 at 8:46 am #655295
TMaC123
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Thanks Mike, that’s really useful.

No idea why it says that on my Avatar – I didn’t write that on it and I’m definitely not an author of free ACCA & CIMA courses! I just checked my profile and it doesn’t seem to say it on my end. It sounds like an Open Tuition slogan…
May 10, 2022 at 8:02 pm #655359
MikeLittle
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You’re welcome

🙂
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