Transcription of Chapter 9: Corporate governance
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Chapter 9: Corporate governance
Office of the Regulator of Community Interest Companies: Information and guidance notes Chapter 9: Corporate governance MAY 2016 Chapter 9 2 Contents Role of Directors and Members .. 3 Corporate governance Overview .. 3 The role of the Director .. 3 Members .. 4 Relationship with other stakeholders .. 6 Directors 7 Key points .. 7 CIC Directors may be paid for their services.. 7 General company law rules in relation to director s remuneration .. 8 The community interest test, the asset lock & remuneration .. 9 Charitable trustees as directors of a subsidiary trading company .. 10 Payment of a charity trustee for services as a director.
Chapter 9 5 For example, they can appoint and dismiss the directors, delegate powers to the directors, declare dividends, approve major transactions and change the constitution of the company (see Chapter 5). In all companies, but more so with CICs, members should not regard delegation to directors as being the same as abdication of responsibility.
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