Fiduciary Duties

BCL – L1 – Q88 – Company directors and other officers

List three civil liabilities for a director breaching fiduciary duties and conflict of interest rules.

Question

As part of the duty, a director of a company stands in a fiduciary relationship towards the company and shall observe the utmost good faith towards the company in a transaction with it or on its behalf. He or She shall always act in what the director believes to be the best interests of the company as a whole to preserve its assets, further its business, and promote the purposes for which it was formed, and in a manner that a faithful, diligent, careful and skilful that ordinarily a Director would act in the circumstances. Besides, a director is not to use for his own advantage the money or property of the company or a confidential information or special knowledge obtained in his capacity.

Required:

List THREE (3) civil liabilities that are to be brought against a director who commits a breach of duty and violates the rules regarding conflict of interest.

Answer

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Tags: Breach of Duty, Civil Liabilities, Company Law, Conflict of Interest, Corporate Governance, Directors, Fiduciary Duties
Level: Level 1

Topic: Company directors and other officers

BCL – L1 – Q78 – Company Meetings

Explain formalities and procedures for company meetings and resolutions.

Question

(a). Explain the formalities and procedures involved in conducting meetings resolutions regarding a company.

(b). Kofi Amoah is a respected head pastor of the Universal Grace Church, with impeccable pastoral and educational credentials. He holds sway when it comes to teachings on corporate transformation and generational thinking. The promoters of Unity Bank were delighted to make him the Board chairman of Unity Bank despite little knowledge and experience in banking. The first three years saw tremendous growth of the bank with profit increasing at 65% per annum. The shareholders trusted the Directors led by the ‘man of God’ to manage the bank in a ‘divine fashion’. A new Governor of the Central Bank of Asanteland has been appointed with a mandate to clean the banking sector. The man of God is nervous with regards to his job with the rapid expansion of the bank and fears he could be declared not ‘fit and proper’ to be the board chair of Unity Bank by the Governor.

Advise Pastor Kofi Amoah regarding his fiduciary responsibilities and liabilities, if any.

Answer

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Tags: Banking Regulation, Corporate Governance, Directors, Fiduciary Duties
Level: Level 1

Topic: Fiduciary Responsibilities

BCL – L1 – Q77 – Directors and Officers

Discuss ways directors are disqualified and removed from office.

Question

(a). Discuss the ways in which directors are disqualified and removed.

(b). With a decided case, explain what is meant by ‘Acts of the Company’.

(c). Distinguish between the types of meetings for limited liability companies.

Answer

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Tags: Corporate Governance, Directors, Disqualification, Fiduciary Duties, Removal
Level: Level 1

Topic: Directors and Officers

Tag (SQ): Fiduciary Duties

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BCL – L1 – Q88 – Company directors and other officers

List three civil liabilities for a director breaching fiduciary duties and conflict of interest rules.

BCL – L1 – Q78 – Company Meetings

Explain formalities and procedures for company meetings and resolutions.

BCL – L1 – Q77 – Directors and Officers

Discuss ways directors are disqualified and removed from office.

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Tag (SQ): Fiduciary Duties

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BCL – L1 – Q88 – Company directors and other officers

List three civil liabilities for a director breaching fiduciary duties and conflict of interest rules.

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BCL – L1 – Q78 – Company Meetings

Explain formalities and procedures for company meetings and resolutions.

You're reporting an error for "BCL – L1 – Q78 – Company Meetings"

BCL – L1 – Q77 – Directors and Officers

Discuss ways directors are disqualified and removed from office.

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