Fiduciary duties

Fiduciary duties: are duties owed by directors to the company, covering the duty of trust and confidence, duty of care and skill as a director at common law and the statutory duties set out in sections 171-181 of CA 2006. These codified duties include a duty to act within powers, duty to promote the success of the company, duty to exercise independent judgement, duty to exercise reasonable care, skill and diligence, duty to avoid conflicts of interest, duty not to accept benefits from third parties and duty to declare an interest in the proposed transaction or arrangement.