Companies Act 2014 section 228

Statement of principal fiduciary duties of directors

Section 228 sets out the principal fiduciary duties that every company director is required to observe when carrying out their role.

• Directors must act in good faith, honestly and responsibly, always in the interests of the company and in accordance with its constitution and the law
• Directors must not use company property, information or opportunities for personal or third-party benefit unless the constitution permits it or shareholders approve by resolution
• Directors must exercise care, skill and diligence measured against both the standard expected of a reasonable person in their position and their own actual knowledge and experience
• Directors must avoid conflicts of interest, have regard to the interests of members, and consider creditors' interests where the company is or is likely to become insolvent