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Is there any difference between the director’s duty to act in good faith and the director’s duty to act for a proper purpose?
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Is there any difference between the director's duty to act in good faith and the director's duty to act for a proper purpose? Directors have fiduciary duties and common law duties which they owe to the company. Fiduciary duties of directors include acting bona fide (in good faith) in the best interests of the company and to act for a proper purpose. Fiduciary, common law and statutory duties have evolved in order to eliminate abuse of power. There are a number of duties regarding directors, in ways of managing a company, last years review of company law was proposed by the Department of Trade and Industry. The review suggested that there should be a standard statement of director's duties. The test of acting bona fide in the interests of the company is subjective; it looks at 'whether the director honestly believed that his act or omission was in the interest of...
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