The following Corporate practice note provides comprehensive and up to date legal information covering:
Powers of directors
The directors of a company are responsible for the day-to-day management of that company.
The directors make decisions on behalf of the company in order that it can carry on its business, including making decisions relating to the company:
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raising funds
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entering into contracts
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purchasing or renting premises
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acquiring stock or equipment, and
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employing people
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For details on decision making by directors, and the processes and procedures typically involved, see Practice Notes: Directors’ decision-making—power, authority and duties, Directors’ decision-making—convening board meetings, Directors’ decision-making—conduct at board meetings, Directors’ decision-making—post board meeting formalities and Directors’ decision-making—written resolutions and decisions by sole directors.
Where do the directors’ powers come from?
The directors are empowered to act on the company’s behalf by:
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the company’s articles of association
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the Companies Act 2006 (CA 2006)
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common law, and
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any applicable resolutions of its members
The directors’ powers are subject to:
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any provisions in the company’s articles of association limiting those powers
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the directors’ general duties as set out in CA 2006, and
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matters reserved to the members by CA 2006
Powers conferred by the articles of association
For companies subject to the model articles, the directors have a general power to manage the company:
‘Subject to the articles, the directors are responsible for the management of the company’s business, for which purpose they may exercise all the powers of the company.’
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In addition to the power of general