Is a Conflict of Interest under the General Law the Same as a Material Personal Interest under the Corporations Act?

Abstract

Directors and other officers of a company are subject to a general law duty to avoid placing themselves in a position where their personal interest conflicts with their duty to the company unless they obtain the informed consent of the company.1 Directors, but not other officers, are also subject to a statutory requirement in s  191(1) of the Corporations Act 2001 (Cth) to disclose material personal interests.2 Additional requirements apply for public company directors (as discussed below) and s 193 preserves the operation of the general law duty regarding conflicts of interest.