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Why Adding a Director Can Propel Your Business Forward !
Here are some benefits of adding a director to your company -
Enhanced Decision Making
With an added director, decision-making becomes more collaborative, ensuring that critical choices are made with careful consideration of all perspectives. This also leads to faster problem-solving and more effective solutions.
Increased Credibility
A qualified director strengthens the company’s position in the market, making it more attractive to investors, clients, and even potential employees. Their professional network can open new doors for business growth and partnerships.
Expertise and Experience
The new director’s expertise can streamline operations and introduce innovative strategies, positioning the company for long-term success and sustainability. Their experience can also help avoid costly mistakes and improve overall performance.
Types of Director in a Company
Managing Director
MD is a Director, who by virtue of AOA of a company or an agreement with the company or a resolution passed in its general meeting, or by its BoD, is given substantial powers of management.
Executive Director
The Executive is in full-time employment of the company. This is the reason that the executive directors are mainly engaged in the core management of the company and managing affairs of the company.
Additional Director
The Directors in all the existing companies are first registered as additional directors. This appointment of Additional Director is done by the BOD.They can hold a meeting up to the next general meeting.
Alternate Director
Alternate Director is someone appointed for a person who is a Non-Resident Indian or Foreign Collaborators by the BOD to act for the original director during his absence for a period of more than 3 months.
Ordinary Director
The Ordinary Director is the Director who attends the Board Meetings of the Company and participates in the matters put across the BOD. They are neither whole-time Directors nor Managing Directors.
Nominee Director
Nominee directors could be appointed by a specific class of shareholders, banks or lending financial institutions, third parties through contracts, or by Union Government in case of oppression or mismanagement.
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