Who is a director?

Who is a director?

July 23, 2019

Directors are persons duly appointed by the company to direct and manage the business of the company.

Directors can be either executive or non-executive.

Executive directors – are employed by shareholders and are usually officers or employee in the company. Executive directors do not earn remuneration for their position on the board of directors, as they are in the company’s salaried employment.

Non-executive directors – are employed for their personal qualities, experience and specialist knowledge.

Primarily, they provide objective criticism on board matters, constructively challenge and facilitate strategic decisions by the executive directors.

Since they monitor the executive management, it is vital they are impartial and not influenced by other associations, shareholdings or directorships. Therefore, they must be Independent of other stakeholders or interested parties. However, in all activities, they must act in the interests of those who have an interest in the company, such as employees, clients, shareholders and society in general.

Non-executive directors also have a mentoring role to advise and guide Chairmen and Chief Executives where issues arise, or prior to them being brought up in board meetings. They criticize, as well as support the CEO and the executive team in decision making. They can also sit on sub committees to ensure the company benefits most from their skill sets. Non-executive directors are entitled to sitting allowances for every meeting of the company that they attend.

Best Regards,

Team 618 Bees

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer.This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • When are Annual Returns due for filing?

    A company’s first Annual Returns are due for filing after 18 months of its inception, subsequently it should be filed annually as the name implies. The filing dates could differ for each company depending on their financial year end but must be filed not later than 42 days after its Annual General Meeting.

    The Annual Returns for Business Names is due not later than the 30th of June each year except in the year the business was registered.

  • What is the first thing I must do to register a business in Nigeria?

    To register a business in Nigeria; you would need to conduct a name search of the business. You can achieve this using your CAC-CRP account.

  • What is an execution clause in a contract?

    This is the section in which the parties sign the contract or agreement.

  • What are the product categories available when registering with NAFDAC?

    The product categories include: Food, Cosmetics, Drug, Medical Device, Agro-Chemicals & Pesticide, Veterinary Products, Vaccines & Biologicals, Herbal and Nutraceuticals and Water

  • What is classified as personal data?

    Name, photograph, personal health/bio information, account/financial information, phone number, Address, date of birth, place of birth, Email address, etc.

  • When registered, how long does a patent last for?

    Once granted, a patent is valid for 20 years.

  • Do I have to physically drop off my product sample at NAFDAC office?

    No, you can choose to have it sent to NAFDAC office

  • Why do i need a Shareholders Agreement?

    You need a Shareholders Agreement to protect your investment in a company.  The shareholders Agreement establishes a fair relationship between all shareholders and sets out how the company is run.

  • What do I need for a trademark search in Nigeria?

    To do a trademark search you will need the name or/and logo (device) of the trademark to be searched and the Class of the trademark that accurately describes it.

Call Us Now on +234 901 719 0079 Whatsapp icon Chat on WhatsApp