Monday, November 28, 2016

5 Types Of Directors That Control A Company


A Company can be defined as an association of persons, be they natural, legal, or a mixture of both, for carrying on a commercial or industrial enterprise.

A director is the person in charge of managing a department or directorate (e.g., director of engineering), project, or production (as in a show or film, e.g., film director).

Types of director in a company are as follows:-

1) Shadow Director: This can also be called "de facto" director. An individual who is not a named director but who nevertheless directs or controls the organization.

2) Executive director(s): An inside director who is also an executive with the organization. He is involved in the day to day management of the company. He or they hold service contracts of the company and are servants of the company.

3) Non-executive director(s): Not an executive with the organization. He or they are directors not involved in the day to day management of the company. They are mainly constituted to advice in the management of the affairs of the company by bringing their wealth of experience to bear, and serve as a countervailing force on the activities and decision of the Board of Directors.

4) Outside director: A director who, other than serving on the board, has no meaningful connections to the organization.

5) Casual Vacancy: By section 249 CAMA, a casual vacancy in the Board of Directors may occur by reason of death, resignation, removal of a director. Such vacancy which is called casual vacancy, may be filled by the director; a person sole appointed holds the office till the next annual general meeting.

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