As stated by Middleton J in ASIC v Healey [2011] FCA 717 at [14]:

A director is an essential component of corporate governance. Each director is placed at the apex of the structure of direction and management of a company...The role of director is significant as their actions may have a profound effect on the community, and not just shareholders, employees and creditors.

With reference to the above, case law and statute as necessary, analyse:

1.the equitable fiduciary duties and the statutory equivalents, contained in the Corporations Act 2001 (Cth), that directors are subject to;

2.the impact of s 185 of the Corporations Act 2001 (Cth);

3.to whom these duties are owed in corporations' law and why?; and

4.the role these fiduciary and statutory obligations play in regulating corporate governance?