A director is in a fiduciary relationship with his company. Explain the meaning and effect of this statement with reference to decided cases and the Zambian Companies Act.

Analysis of the above comment should include:

• Definition of a director;
• Discussion of the fiduciary duties of Director under common law;
• Discussion of fiduciary duties of Director under the Companies Act;
• Explain rationale for these fiduciary duties, and why they are so important in Zambian company law.