INFO 231
Guidance on the duties of directors of mutual companies
New ID requirement for directors. Company directors are now required by law to apply for a director identification number.
In plain English
This guidance explains the legal duties of directors for mutual companies.
This guidance applies to directors of mutual companies. It outlines their duties and responsibilities. Directors must act with care and diligence. They must also act in the best interests of the company’s members. The guidance was last reviewed in 2023.
Why it matters
Directors of mutual companies need to understand their legal obligations. This helps ensure good governance and reduces potential risks for the company and its members.
AI-assisted summary, grounded in the source link below. Generated 2026-05-23 via gemma3:12b.
Issuing regulator
ASIC →Topics
Source: https://www.asic.gov.au/for-business/running-a-company/company-officeholder-duties/guidance-on-the-duties-of-directors-of-mutual-companies/. Rules Mate indexes + summarises; always verify against the regulator's live publication.