Lessons On Directors' Responsibilities
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  Running Time: 7:20 Date: 01/02/2013 Business directors must beware: their liabilities are onerous - if they don't take them seriously they could wind up in court. Two recent court cases should be sending out alarm bells to everyone in business. One concerns James Hardie, another is property group Centro, and both cases involve the responsibilities and liabilities of directors. James Hardie and Centro are big businesses - but that doesn't matter, according to lawyer Richard Hobson, because under the Corporations Act, the law applies equally to small businesses. One message is loud and clear. There's no room now for silent partners who are "director" by name but take no part in the business. Every director of a business has the same duties and liabilities as directors of large companies. So understand the law, make sure you fulfil your responsibilities with care - or like the directors of James Hardie and Centro, you could end up in court facing very stiff penalties indeed. Topics: Leadership, Legal, Management |
 Richard Hobson, Linchpin Legal Management |