Royal Charters are reserved for bodies that work in the interests of the public and represent pre-eminence, stability and permanence in their field. The IoD was awarded its Royal Charter in 1906 and it remains an acknowledgement of the continuing work we do to promote professionalism in business.
Our mission and responsibility has four elements:
To promote for the public benefit high levels of skill, knowledge, professional competence and integrity on the part of directors and equivalent office holders of companies and other organisations.
To represent the interests of IoD members and the business community, to government and all opinion formers. To encourage and foster a climate favourable to entrepreneurial activity and wealth creation.
To promote the study. research and development of the law and practice of corporate governance, and to share findings.
To advance the interests of members of the institute, and to provide facilities, services and benefits for them.
Statement of board's responsibilities
As a corporation established by Royal Charter, the institute is obliged to comply with its constitution (comprising charter, by-laws and regulations) and a limited number of the provisions of the Companies Acts.
The constitution requires that the board lays before the institute members in general meeting, financial statements for each financial year which give a true and fair view of the state of affairs of the institute and of the surplus or deficit of the institute for that period.
The board is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the institute. Additionally the board is responsible for safeguarding the financial welfare and assets of the institute and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The board confirms that it has complied with the above requirements in preparing the financial statements and that suitable accounting policies have been used and applied consistently, subject to any material departures disclosed and explained in the financial statements.