Ontario Barrister and Solicitor Practice Exam

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What qualifications must directors have?

A director must be an individual, who is over 18 yo, of sound mind and not bankrupt
A director must be a shareholder
A director must have a financial background
A director must hold at least 10% of shares

The correct answer is: A director must be an individual, who is over 18 yo, of sound mind and not bankrupt

Possible explanation Directors are required to have certain qualifications in order to serve on a board. These include being an individual, over the age of 18, mentally sound, and not bankrupt. These qualifications ensure that the director has the necessary capacity and independence to make informed decisions in the best interest of the company. Option B is incorrect because being a shareholder is not a requirement to become a director. Similarly, option C is incorrect as there is no specific requirement for directors to have a financial background, although it can be beneficial. Option D is also incorrect as there is no minimum requirement for the percentage of shares a director must hold. Ultimately, option A covers the essential qualifications that directors must have.