Definition: in the broadest sense, means the laws, according to which a company must operate. In business, statutory duty oftentimes signifies an obligation that is imposed on company’s directors by the corporate legislation. The statutory duty of a certain company may include the disclosure of personal contracts, providing the required and appropriate information to the authorities, keeping the statutory books, providing a safe working environment for the staff, and so on. When a company’s director or an official chief representative of the business fails to abide the imposed obligations, that person (or a company in general) can be found in breach of statutory duty.
In a Sentence:
Since we have just started the company, the legislator hasn’t yet specified the rules and the demands for us to meet the statutory duty.
This approach is the most favorable for us since it inflicts minimum statutory duty and allows us to be more flexible in terms of public relations.
In our company, hiring people of all races and nationalities without giving the preference to a certain group of people is under the statutory duty.
Synonyms and related words: corporate legislation, statutory restriction, duty, statutory obligation, legal duty, corporate policy, breach of statutory duty