Business readiness: Directors and Officers

What are Directors and Officers?

The directors and officers list is part of your company documentation containing details of your company’s leadership and executive team members.

The directors and officers list provides all important information about your company’s board of directors and senior executive officers (President or CEO).

It covers:

• Personal Details: Includes name, address, contact number, emergency contact details, educational qualification, prior experience and job title
• Employment Details: Includes employee ID, commencement date, employment status (permanent or casual) and roles and responsibilities
• Payroll Details: Includes remuneration and required notice periods
• Committee Details: Includes each key personnel’s memberships of committees

Why are Directors and Officers Important for Business Today?

The directors and officers list enables your company to:

• Determine the roles and responsibilities of your company’s directors and officers
• Evaluate and budget for your company’s directors’ and officers’ compensation
• Measure and monitor performance of your company’s directors and officers, across different roles
• Contact family or relatives in case of an emergency
• Leverage any past knowledge, capabilities and experience within your business

Why are Directors and Officers Important for an Event Tomorrow?

The directors and officers list is important for an event tomorrow, as it helps:

• Determine the strengths and capabilities of your key personnel and senior leadership team
• Evaluate the span of your organizational structure and experience of top management
• Assess the changes in compensation of your directors and officers and their share in overall compensation costs
• Evaluate the contribution of key personnel to your business growth

Pros of Addressing Directors and Officers

• Benchmark the actual performance of your directors and officers against their goals and responsibilities
• Improve your company’s decision-making process based on assigned roles and responsibilities
• Potential to expand your business by leveraging strengths, contacts and capabilities of your directors and officers
• Formulate committees based on your directors’ and officers’ capabilities and your company’s goals

Cons of Not Addressing Directors and Officers

• Ambiguity and duplicity due to unclear roles and responsibilities of your directors and officers
• Difficulties in measuring the contribution and performance of your directors and officers
• Increased potential for regulatory non-compliance as a result of failure to maintain records

LEARN MORE ABOUT COMPANY DOCUMENTATION

• Corporate Group Structure Chart
• Incorporation Documents
• Company Constitution
• Corporate Agreements
• Corporate Structure
• Business Plan and Strategy