Company directors’ duties & key obligations

Keep proper accounting records

All companies must:

• Keep records for at least five years after the end of the financial year when the transactions or operations were completed.

• Ensure records can be used to prepare true and fair financial statements.

In addition, public companies and their subsidiaries must maintain a system of internal accounting controls.

More details:

• Financial reporting duties for directors

• Section 199(2A) and 199(1)

Prepare financial statements, unless exempt

Directors must ensure their financial statements:

• Comply with accounting standards issued by the Accounting Standards Committee.

• Give a true and fair view of the company's financial position and performance.

• Are presented at the company's annual general meeting.

More details:

• Financial reporting duties for directors

• Section 201(2) and 201(5)

Hold annual general meetings (AGMs), unless exempt

All companies must hold AGMs unless they are exempt or choose to dispense with the AGM.

Check your AGM due date based on your company type.

More details: Penalties for not holding an AGM

File annual returns

All companies, including dormant companies, must file annual returns (including XBRL financial statements, if applicable).

Check when to file your annual return based on your company type.

More details:

• Filing financial statements in XBRL format

• Penalties & enforcement action for late annual returns

Maintain company information and registers

Company directors must report changes to their company information, officers, and shareholders.

They must report these changes within 14 days to avoid late lodgement penalties.