The Companies Act 2006 and directors' duties

"We should remind ourselves that being a company director is a wonderful thing for the person who is a company director. But it is a position of great responsibility which involves running the affairs of a company for the benefit of other people. It is a heavy responsibility we should not water down".

The words of Lord Goldsmith during the Lords' Committee stage which led to the passing of The Companies Act 2006, and which, for the first time, codifies some of the duties of a company director.

Wragge & Co's experts summarise the seven general statutory duties which all company directors owe.