The expression ‘director’ according to s. 250 ‘includes any person occupying the position of director, by whatever name called’. It is clear from the Act as a whole that this means someone who has been formally appointed as a director. A private company may have a sole director; a public company must have at least two; there is nothing in the Act to prevent directors also being shareholders, and in most new companies they are the same people.

Some companies give their directors job titles which may not make it clear whether or not they are directors: a ‘chief executive’ is virtually always a director, but a ‘general manager’ or ‘chief operating officer’ may or may not be. Those dealing with companies should always ensure that they know the status of the person or people that they are dealing with, as there could be a considerable difference between officers of a company who are, and are not, directors subject to the provisions explained in this chapter.

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