SECTION 5: DIRECTOR DUTIES

SECTION 5 Director Duties Contents 5.1 Introduction 341 5.2 General Duties of Directors 341 5.3 Duty to Act in the Company’s Best Interests 342 5.4 Duty to Avoid Conflicts of Interest 343 5.5 Duty to Act Honestly 346 5.6 Duty to Act for Proper Purpose 348 5.7 Duty of Care, Skill and Diligence 349 5.8 Types of Directors 352 5.9 The Executive Director 353 5.10 The Non-Executive Director 355 5.11 The Independent Director 357 5.12 The Alternate Director 361 5.13 The Nominee Director 362 5.14 The De Facto Director 364 5.15 The Shadow Director 364 5.16 Rewards of Directorship 365 5.17 Director Liabilities 366 5