Companies Act 2014 section 162

Holding of any other office or place of profit under the company by director

Section 162 deals with the ability of a director to hold additional paid roles within the same company and to enter into contracts with that company without those arrangements being automatically invalidated.

• A director may hold any other paid office or position within the company (except that of statutory auditor), on terms and remuneration decided by the board of directors.
• A director is not disqualified by virtue of being a director from entering into contracts with the company, whether as vendor, purchaser, or in any other capacity.
• No contract in which a director has an interest can be set aside simply because that person is a director or because of the fiduciary relationship that arises from holding office.
• A director who is party to or has an interest in such a contract is not obliged to hand over to the company any profit made from it, solely on the grounds of being a director.