Term:DIRECTOR

All public companies are required to have at least two directors and all private companies at least one. The directors are appointed (and confirmed by their consent on a signed CM27 form lodged with the Companies and Intellectual Properties Commission (CIPC) by the shareholders at a shareholders’ meeting. Until the directors are appointed, the incorporators are deemed to be the directors. The primary duty of a director is to always act in the best interests of company. Companies also often have “alternate” directors and “non-executive” directors – and there is always a managing director or CEO – but in terms of the Companies Act (71 of 2008), all appointed directors have the same duties and obligations. The ShareFriend Pro software gives the current directors of the company you are viewing under the “Current Company Comments” icon.

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