The Board is collectively responsible for an issuer’s management, operations and decisions. All directors (executive directors (EDs), non-executive directors (NEDs) and independent non-executive directors (INEDs)) are subject to the same duties under the law and the Rules.
Directors must in accordance with their duties set out in Listing Rule 3.08:
- Act honestly and in good faith in the interests of the company as a whole.
- Act for proper purpose.
- Be answerable to the issuer for the application or misapplication of its assets.
- Avoid actual and potential conflicts of interest and duty.
- Disclose fully and fairly his interests in contracts with the issuer.
- Apply such degree of skill, care and diligence as may reasonably be expected of a person of his knowledge and experience and holding his office within the issuer.