A
company director is responsible for managing the business
affairs of, and owes various fiduciary duties to, their appointed
company. To modernise Australian business registers, the Australian
government has introduced a new company director tracking system,
the Director Identification Number (DIN). Once the Australian
Taxation Office (ATO) confirms a person's identity, they will
receive a unique DIN. Importantly, directors keep this number
permanently. As a result, a director will be able to use this
number across multiple companies for each directorship they
hold.
The DIN has received strong support from the Australian
Securities and Investment Commission (ASIC). They believe it will
significantly benefit regulators and individuals doing business.
Additionally, it will help provide greater security and modernise
the way director information is collected. This article will
explain how the company director tracking system works in
Australia.
