Role of Non-Executive Directors

The recent Irish High Court Decision of Tralee Beef and Lamb Limited (In Liquidation) where the firm of O�Gradys Solicitors acted for the Liquidator in the taking of an Application to Restrict a Director under the provisions of Section 150 of the Companies Act 1990, the Judgment of Ms. Justice Finlay Geoghegan delivered on 20th July 2004 enunciates new principles as to what duties or obligations rest on a non-executive director. And in particular the mandatory obligation imposed upon the High Court under Section 150 of the Act of 1990 to restrict a person unless they acted �honestly and responsibly in relation to the conduct of the affairs of the company and there is no other reason why it would be just and equitable that he should be subject to the restrictions imposed by this Section�.

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