responsibilities of directors

Definition

All directors have the same collective responsibilities, whether executive or non-executive, de jure or de facto, holding any shares or not, and being paid a remuneration or not. In addition to ensuring a fair, honest, and open relationship with all stakeholders (investors, financiers, customers, employees, community) they have several statutory responsibilities such as (1) deducting and remitting all withholding-taxes (such as PAYE) on time, (2) keeping proper books of accounts and presenting annual accounts and a directors' report, (3) calling annual general meetings (4) timely filing of all documents required by various government offices or agencies and, (5) depending on the size/structure of the firm, keeping some or all of the following registers for public inspection at the registered office of the firm: (a) directors, (b) secretaries, (c) shares, (d) interests of directors, and (e) liens and claims on the firm's assets.