For company directors in Australia, feelings of unease are becoming progressively more prevalent when faced with the prospect of personal liability and reputation damage arising from taking a seat on a company board.
It is becoming increasingly necessary for prospective directors to gain better insight into the organisation they are agreeing to manage prior to accepting a board position.
For example, did you know that if you join the board of a company that hasn’t paid up in full its superannuation contributions, that 30 days after joining the board you can become personally liable for 100% those superannuation payments?
As an adjunct to your own evaluations, the Intellix Director Due Diligence service can provide you with Commercial Intelligence on the organisation that is seeking your stewardship, that will among other things help you to:
- Appreciate the structure of the group you are being asked to preside over
- Ascertain the prospects for the business
- Get an insight into the corporate governance practices
- Comprehend the financial position and present liabilities
- Understand the occupational safety profile
- Confirm that all taxes and superannuation payments are up to date
- Determine whether any high risk transactions have recently taken place
- Know whether the organisation is adequately insured
- Familiarise yourself with the manner in which the organisation is managed
Intellix will do this by providing you with an independent report outlining our findings about the business veracity, factors that that might put you at risk, and matters that may threaten your personal reputation.
Check our fixed pricing here or contact us here for more information.