Director Requirements

Question 1

Requirements

Answer 1

Directorship Requirements

Consent to Act as Director
A person must provide written consent to the company before being appointed or nominated as a director or chief executive. The company must file this consent with the registrar within 15 days.

Number of Directorships
An individual cannot hold directorships in more than a specified number of companies at the same time. However, this limit does not apply to directorships in listed subsidiaries.

Minimum Number of Directors
The minimum number of directors required for different types of companies are:
- Single member company: 1
- Other private company: 2
- Public unlisted company: 3
- Public listed company: 7

Eligibility/Ineligibility of Directors
A company’s articles may specify conditions for becoming a director, such as:
- Holding a minimum number of shares (qualification shares)
- Meeting specific educational requirements