Appointment of Ds

Question 1

explain the role of executive and non-executive Ds

Answer 1

Executive Ds = have active management role in daily business of the company

Non-executive Ds = not involved in day-to-day management. Oversee / balance the BOD and provide strategic guidance.

Question 2

how are Ds appointed? (inc. under the MAs)

Answer 2

First Ds - appointed on incorporation (details given in Form IN01)

Subsequent Ds - check the AAs. Under MAs:
o Any person willing to act as a D that is permitted by law can be appointed by the BOD or OR of SHs

Question 3

what administration must take place when a D is appointed?

Answer 3

o CH must be informed 14 days after appointment (AP01 individual/AP01 corporate)
o the register of Ds and the register of D’s residential addresses must be updated