De jure director | Practical Law

Jan 21, 2020
Legal

What is a De jure Director?

A de jure director, also known as a lawful director, is an individual who holds a legal position and has been appointed to the board of directors of a company in accordance with the applicable laws and regulations.

The Significance of a De jure Director

A de jure director plays a crucial role in the governance and management of a company. They possess the legal authority to make decisions, represent the company, and act on its behalf. Their position ensures compliance with statutory requirements and safeguards the interests of the company and its stakeholders.

Responsibilities and Duties

The responsibilities and duties of a de jure director vary depending on the jurisdiction and the specific company's articles of association. However, some common responsibilities include:

  • Overseeing the company's operations and strategic direction.
  • Ensuring compliance with legal and regulatory requirements.
  • Making informed decisions affecting the company's finances and assets.
  • Acting in the best interest of the company and its shareholders.
  • Appointing and monitoring the performance of senior executives and managers.
  • Promoting transparency and accountability within the company.

Legal Requirements and Qualifications

In order to serve as a de jure director, individuals must meet certain legal requirements and qualifications, which may include:

  • Being of legal age (18 years or older).
  • Having no disqualifications, such as bankruptcy or criminal convictions.
  • Being mentally capable and of sound judgment.
  • Being free from any conflicts of interest that may compromise their fiduciary duty.

Appointment and Termination

The appointment of a de jure director is typically carried out through a formal process, which may involve:

  1. Nomination and selection by the board of directors or shareholders.
  2. Ratification through the passing of a resolution.
  3. Signing a director's service agreement or contract.

The termination of a de jure director's position can occur due to various reasons, including:

  • Resignation by the director.
  • Expiry of the director's term.
  • Removal by the shareholders or the board for justifiable reasons.
  • Bankruptcy or disqualification.

The Role in Practical Law

In the legal industry, a de jure director is an integral part of corporate governance and ensures compliance with legal requirements. Practical Law provides comprehensive resources and guidance on the role of a de jure director, including:

  • Sample director appointment letters and service agreements.
  • Articles and insights on directorial responsibilities and best practices.
  • Checklists for board meetings, decision-making, and regulatory compliance.
  • Updates on relevant legal developments and case precedents.

Conclusion

A de jure director holds a crucial position in a company's governance structure, ensuring compliance with legal requirements and protecting the interests of the company and its stakeholders. By fulfilling their responsibilities and making informed decisions, they contribute to the success and sustainability of the organization.

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