Ignorance is Not a Defense: Legal Duties for Directors

While being a great director is often about adding strategic business value, and it is safe to say that thriving companies give rise to less risk than failing ones, there are some legal requirements which come with the job. Most of them are rooted in common-sense, but it is important to understand that you are a legal fiduciary to the shareholders, and to understand what that means. These duties cannot be shirked, delegated, or ignored, and they rest upon you until your resignation is formally accepted.