In Singapore, directors play a critical role in the governance and management of a company. Some of the key responsibilities of directors in a Singapore company include:
- Compliance with laws and regulations: Directors must ensure that the company complies with all relevant laws and regulations, including the Companies Act and other relevant legislation.
- Corporate strategy: Directors are responsible for developing and implementing the company’s corporate strategy and ensuring that the company has a clear vision and mission.
- Financial management: Directors are responsible for overseeing the financial management of the company and ensuring that the company’s finances are managed in a responsible and transparent manner.
- Corporate governance: Directors are responsible for ensuring that the company is managed in accordance with sound corporate governance principles and that the rights of shareholders and other stakeholders are protected.
- Risk management: Directors are responsible for identifying, assessing, and managing risks faced by the company, and ensuring that appropriate measures are in place to mitigate these risks.
- Representation of the company: Directors are the public face of the company and are responsible for representing the company in its dealings with stakeholders, including customers, employees, suppliers, and regulators.
It is important to note that this list is not exhaustive. A director is essentially an individual or part of a group of individuals (if there are multiple directors) who will give the company “life”. As the company is not a living thing, it can only act through its director(s). Hence a director will need to ensure that the rules and regulations in the Companies Act as well as relevant legislation are adhered to.