Directors Compliance

Being the director or senior manager of a privately owned company has the same resonsibilities and liabilities as those who are directors of large organisations.

I cannot believe how many owners of private companies think that they are immune due to their size. If you have a properly constituted legal company, the Corporations Act 2001 does not distinguish between big or small.

As well as general common law duties, duties under the corporations Act 2001, directors are subject to a wide range issues under various other laws and Acts.

Take a recent meeting with the owner of a private company turnover approaching $80 million revenue. " It's my business and I will run as I want to " was the answer to a question about setting up a formal compliance program.

Most privately owned companies have no written policy on;

1. Intellectual property
2. Trade practices
3. Privacy ( in most areas does not apply to companies with less than $3 million turnover.
4. OHS
5. Environmental law
6. Employment law
7. Anti-discrimination law
8. E-business
9. Outsoucing
10. Taxation

In today's business and legal environment it's a cost of doing business.

Do you go to sleep at night in blissfull ignorance of your real laibilities and responsibilities ?

Bill Winter