Company Law II: Company Officers and Liabilities

4 important questions on Company Law II: Company Officers and Liabilities

What is an executive director?

Has managing responsibilities.

What is a non-executive company?

Not employed at the company, may be paid a fee. Primary function is to attend board meetings, check the executive directors, and ensure financially integrity.

What contains the company secretary and what must be achieved before becoming a company secretary?

An officer of a company, an agent of the company, and an employee of the company.
A secretary must:
  • have been a secretary of a public company for at least three out of the last five years.
  • be a qualified UK lawyer, or:
    • be a member of one of the named professional bodies, or:
      • have experience through being a holder of another office or body.
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What is a company auditor?

An independent contractor, appointed to check that the company accounts are accurate and properly prepared, and to report to the shareholders.

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