Active vs Nominee Directors - The Bank Account

A company director owes the businesses shareholders a fiduciary duty of care. That duty means two things, ensuring money going out is for legitimate business purposes, and that money coming in is ethically and legally sourced. To uphold this duty, a director must have real authority and that means being a signatory on the company’s bank account.

Nominee directors, however, typically avoid this responsibility. They require clients to appoint another director to handle operations and banking or leave full control with the client. The result? A director with no oversight of company funds which is a red flag for regulators, banks, and tax authorities. Without control of the account, a director risks being dismissed as a figurehead, undermining governance and inviting scrutiny.

By contrast, when your director is also a bank signatory, accountability is genuine, management and control are clear, and your company stands in a much stronger position before regulators and financial institutions.

In today’s climate of transparency, this isn’t optional it’s essential. At ONUS Directors we are not a nominee, we do not delegate bank account oversight. We take responsibility as authorised signatories to the accounts of the companies we manage.

The Bank Account