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 .. 10 What is reasonable remuneration?.. 10 Particular responsibilities, skills and expertise of individual directors .. 11 Nature, size and performance of the company s business .. 11 Financial position of the company .. 11 Published guidance on good Corporate governance .. 11 Views of stakeholders.
particularly important with CICs where stakeholders are encouraged to participate in running the organisation to clearly establish people’s respective roles (see Chapter 9.2). It is also important not to take on the role of director lightly; it is not a matter of status but a commitment to take on an important role and obligations.
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