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Directors’(andotherOfficers’)DutiesReading:TextbookTopics11,12&13Wishartpp213-215,232-246OutlineoftopicPrinciplesPrinciplesctd.SourcesofdutiesOverviewofcorporationslawdutiesGenerallawdutiesStatutorydutiesIssuesaboutenforcementWhoowestheduties?Whoowestheduties?Ctd.Towhomarethedutiesowed?Towhomarethedutiesowed?Towhomarethedutiesowed?Towhomarethedutiesowed?Ctd.Towhomarethedutiesowed?Ctd.Whathappenswhenadutyisbreached?Whathappenswhenadutyisbreached?Ctd.Whathappenswhenadutyisbreached?Ctd.Dutyofcare,skillanddiligenceRequirementsofthedutyRequirementsofthedutyRequirementsofthedutyRequirementsofthedutyIssue1:thebusinessjudgmentruleThebusinessjudgmentrulectdIssue2:DifferingStandardsIssues:DelegationIssue3:Reliance:s189ReliancectdDutytopreventinsolventtradingDutytopreventinsolventtradingctdDutytoactbonafideforthebenefitofthecompanyasawholeDutytoactbonafideforthebenefitofthecompanyasawholeDutytoactbonafideforthebenefitofthecompanyasawholeDutytoactbonafideforthebenefitofthecompanyasawholeCorporategroupsDutytoactbonafideforthebenefitofthecompanyasawholeDutytoactbonafideforthebenefitofthecompanyasawholeDutytoExercisePowersforaProperPurposeDutytoExercisePowersforaProperPurposeSection181(1)DutytoDiscloseConflictsofInterestDutytoDiscloseConflictsofInterestDutytoDiscloseConflictsofInterestDutytoDiscloseConflictsofInterestDutytoDiscloseConflictsofInterestDutytoDiscloseConflictsofInterestDutytoDiscloseConflictsofInterestDutytoDiscloseConflictsofInterestDutytoDiscloseConflictsofInterestDutytoDiscloseConflictsofInterestDutytoDiscloseConflictsofInterestDutytoDiscloseConflictsofInterestDutytoDiscloseConflictsofInterestDutytoDiscloseConflictsofInterestRatification,Exculpationand/orExonerationRatification,Exculpation,Exonerationand/orIndemnificationInsiderTradingInsiderTradingctdInsiderTradingctdOtherLiabilitytoOutsiders