KRG 200B
Company
law
, Directors of the compa
➡ Directors are part of the management of the company & act
collectively as a group/ organ 3. Ex officio director: A person
‣ They have the authority to represent the company company as a consequence o
office, title, designation or sim
➡ DEFINITION: company
‣ A member of the board of a company, or an alternate
director, including any person occupying the position of a 4. Executive director: A directo
director or alternate director, by whatever name designated the day-to-day management o
‣ Means that even if a person has not been properly a full-time salaried employee
appointed as a director & if they act as one by she is generally under a contr
occupying the position they are considered a director company.
in the eyes of the act
5. Non-executive director: A pa
is not employed full-time by th
➡ TYPES OF DIRECTORS:
is not involved in the day-to-d
1. De facto director: A person who acts as a director of a
the company, but is appointed
company even though he or she is not formally appointed as a
purpose of bringing an indep
director or whose appointment as a director is defective in
, Definitions
1. Audit Committee: A sub-committee of a company’s board of
directors, appointed by that company’s incorporators, board of
directors or shareholders, which plays an important role in:
(a) identifying financial risks;
(b) managing these risks;
(c) ensuring the integrity of internal financial controls; and
(d) ensuring the integrity of integrated financial reporting.
2. Board Committee: Except to the extent that the Memorandum of
Incorporation provides otherwise, the board of directors may
appoint any number of committees and may delegate any of its
authority to these committees, the board remains liable for the
proper performance of the duty delegated.
3. Prescribed officer: A person who ➡ Dealt with in Regu
‣ E.g. is CEO
(a) exercises general executive control over and management
‣ Many prov
Company
law
, Directors of the compa
➡ Directors are part of the management of the company & act
collectively as a group/ organ 3. Ex officio director: A person
‣ They have the authority to represent the company company as a consequence o
office, title, designation or sim
➡ DEFINITION: company
‣ A member of the board of a company, or an alternate
director, including any person occupying the position of a 4. Executive director: A directo
director or alternate director, by whatever name designated the day-to-day management o
‣ Means that even if a person has not been properly a full-time salaried employee
appointed as a director & if they act as one by she is generally under a contr
occupying the position they are considered a director company.
in the eyes of the act
5. Non-executive director: A pa
is not employed full-time by th
➡ TYPES OF DIRECTORS:
is not involved in the day-to-d
1. De facto director: A person who acts as a director of a
the company, but is appointed
company even though he or she is not formally appointed as a
purpose of bringing an indep
director or whose appointment as a director is defective in
, Definitions
1. Audit Committee: A sub-committee of a company’s board of
directors, appointed by that company’s incorporators, board of
directors or shareholders, which plays an important role in:
(a) identifying financial risks;
(b) managing these risks;
(c) ensuring the integrity of internal financial controls; and
(d) ensuring the integrity of integrated financial reporting.
2. Board Committee: Except to the extent that the Memorandum of
Incorporation provides otherwise, the board of directors may
appoint any number of committees and may delegate any of its
authority to these committees, the board remains liable for the
proper performance of the duty delegated.
3. Prescribed officer: A person who ➡ Dealt with in Regu
‣ E.g. is CEO
(a) exercises general executive control over and management
‣ Many prov
