Directors
posted on
Jan 09, 2012 07:49PM
Kemo
I have no personal connection to any of the directors as you said you do. I do know the corporate and personal responsibilities that a director of any company should make themselves aware.
If they truly have no idea what is going on then they may be negligent in performance of their director duties. A director must apprise themselves of the day to day activity of the company to make sure that the company is in compliance with all laws etc.
For example directors may be held personally responsible for payroll and GST/HST remittances if the company does not remit. Ignorance is not a valid defense to Canada Revenue Agency. IMO Ignorance would also not be a defense in a shareholder situation if there was a negligence situation
Phockey