Officeholders are defined by ASIC to be the directors and secretaries that have certain responsibilities under the Corporations Act (2001). Some of the general obligations can be summarised in the following:
- Being honest
- Being aware of what your company is doing
- Paying debts on time
- Keeping financial records
- Acting in the company's best interests
- Being particularly careful if you are handling other people's money
- Disclosing any personal interests you have that could conflict with your responsibility as an officeholder
Other additional officeholder responsibilities include:
- Analyse how your decisions will affect the company, particularly when it comes to dealing with large sums of money
- Seek professional advice to make informed decisions
Keeping company and financial records that could include:
- Accurate financial statements, such as general ledgers, cash records, wage and superannuation records, invoicing and inventory.
- Deeds, contracts and agreements.
- Minutes of meetings.
- Registers of members, options and debenture holders.
- Investment records
Keeping ASIC informed
ASIC must be informed within 28 days if your company’s details change, such as:
- Appointment changes or name or address changes of officeholders
- Changes to shares held by a top 20 proprietary company member.
- Company name change