The duties of directors are inherently complex. The complexity
surrounding directors' can be attributed to three
interconnected reasons. First, the duties of directors are
contained in several laws, including: (i) the Companies Act, which
sets out the general duties of directors; (ii) the Civil Code,
which contains provisions regulating agents, mandatories and
fiduciaries (all of which relate to the juridical character of
directors); (iii) a range of laws regulating financial services
operators, including credit and financial institutions, insurance
companies, investment services companies, trusts and company
services providers; and (iv) a range of non-regulatory statutes
including the Income Tax Act, the Value Added Tax Act, the Social
Security Act, the Employment and Industrial Relations Act, and the
Occupational Health and Safety Authority Act.
