The Companies Act 2006 codifies certain common law and equitable duties of directors. In summary, the seven general duties under the 2006 Act are:
- To act within powers.
- To promote the success of the company.
- To exercise independent judgment.
- To exercise reasonable care, skill and diligence.
- To avoid conflicts of interest.
- Not to accept benefits from third parties.
- To declare an interest in a proposed transaction or arrangement.