Directors’ Duties in Venezuela

>> Protecting Yourself in Venezuela

  • exercise care and independent judgement. Act reasonably, with integrity and common-sense. Challenge things when you are uncomfortable, and raise concerns promptly. Seek help and work as a team with your colleagues and other functional specialists to get help and support where needed and find appropriate solutions
  • monitor the financial situation of the company continuously, whether or not you are the finance director. Ensure the right level and regularity of financial information is available, take time to review it and ask questions
  • if you become concerned the company is in, or may face, financial difficulties, take steps to minimise losses and alert the issue immediately so that appropriate and timely advice can be provided. Do not simply keep quiet and hope for the best
  • regularly consider at board meetings items of key importance to your entity e.g. HS&E, export controls, employee issues, compliance and ethics considerations, key contracts. Maintain minutes of directors’ meetings
  • ensure there is a proper and timely flow of information to support the cycle of board business. The late provision of information, especially dense financial material, can lead to ill-considered decisions and breach of the directors’ duties
  • keep in mind the requirements of your employment contract and powers granted under the company’s constitution – do not exceed your powers
  • never sign a contract or licence without understanding what you are signing, being comfortable that you are authorised to sign it, and checking that the transaction to be effected through the document has been duly authorised in accordance with the delegated authorities. Expect and demand a suitable briefing and sufficient early warning of the signing requirements to allow time for you to understand and complete these checks
  • act quickly to ensure the company complies with any new employment laws, in conjunction with your local HR team
  • familiarise yourself with the internal policies, standards, frameworks and guidelines
  • inform yourself as of the company’s operations and environmental licensing arrangements
  • be vigilant to, and act upon, HS&E issues including the wellbeing of employees
  • understand, follow and promote the Global Code of Conduct and ABC policies

Latest version updated 10th April 2018

Country Breakdown





Venezuelan bolívar


$ 371